Often, borrowers accrue multiple student loans from multiple sources. That is why we have such a thing as student loan consolidation.

If you fall into this group, you may have already considered consolidating these loans into one new loan. But there are things you should consider before taking that next step.

First, it is important to know that federal loan consolidation rates are based on a weighted average of all loan rates you are consolidating, rounded up to the nearest eighth of a percent, meaning that your new rate will be slightly higher than the total of your old rates. The major advantage of consolidation is not savings, but simplification.

Click here to read more about student loan consolidation.

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