About consolidating

Married borrowers may no longer consolidate their loans together.

To be eligible for Federal Loan Consolidation, borrowers must have at least one loan from the Federal Direct Loan program or Federal Family Education Loan (FFEL) program that is not in an “in-school” status.

We’re going to talk about the right and wrong way to go about consolidating your student loans, but I want to highlight something first. If you choose to work with a student loan assistance or consolidation company, make sure you are careful with your selection process.

As I’ve said in other articles, Ameritech Financial has proven to be a trustworthy company that I have personally inspected and found to be legitimate in their service offerings – but these examples below show the opposite end of the spectrum.

This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.

Sometimes it might even cause you to miss payments.

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Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.For an explanation of our Advertising Policy, visit this page.Over the last several weeks, I've had 2 different readers reach out about student loan consolidation.

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