Consolidating student loans already consolidated

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It is important to remember that there are different types of loans and that there is a huge difference between: Federal Loans(those issued by the U. government) and Private Loans (those issued by a bank, credit union, or other lending institution).And both Federal and Private have their own pros and cons, but before discovering that let’s discuss the Pros and Cons of Consolidating Student Loans in general: Some reasons to make you realize that Consolidating your Federal Student Loan is a better option.

But other loans like Stafford Loans, Federal PLUS Loans, and Perkins Loans, do not give you access to these income-driven repayment plans.Here are some of the reasons to make you think otherwise and not opt for Student Loan Consolidation.Afterall you need to understand all of the Cons before finally deciding to go ahead with Student Loan Consolidation.And also, as consolidation gives you a longer term for repayment it makes it easier for your pocket to bear the repayment amount.But before consolidation, you need to make sure that you discuss the same with the lender in depth as you don’t want to end up paying a higher amount than the already existing one.

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