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You’ll get a new loan equal to the combined amount of your old loans.
It will have a fixed interest rate based on a weighted average of the loans you consolidate.
We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.
Because the interest rate is a weighted average, rounded up, consolidation is unlikely to save you money.
Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.
The new, refinanced loan can have completely different terms, too.
For instance, you might be able to get a much lower interest rate and shorten your repayment term.
Although consolidating won’t save you money, it can make repaying your loans easier.