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So you have applied for several student loans to help you pay for your education. If that is the case, you must have experienced how bothersome it is to take out those loans separately. If you are still doing it this way, you probably have no idea that there is a way to consolidate your student loan debts. It is an option available when managing credit card debts and you can use this method as well in student loan matters.

A short description of a consolidated loan is that it is a single loan comprised of all your several loans rolled into one. Most of the corporations that offer this service feature the reduction of your overall payment by a certain percentage. This type of consolidated loan also has an interest rate that’s fixed. So right off the bat, you can easily see one advantage this method gives you. You can also easily keep track of your budget distribution, since you only have one student loan to worry about. This is especially handy for organizing purposes.

But there are disadvantages you should take note. First off, having a fixed interest rate is a gamble. Interest rates can rise or fall depending on several factors. Obviously, you cannot take advantage of a drop when in a consolidated loan, as you’re stuck with whatever rate you have accepted. Also, consolidated student loan terms have a rather long term. Having a bundled up loan doesn’t necessarily mean it’s a faster method of paying. You may wind up losing more money on more total interest because of the stretched out nature of the loan.

A consolidation loan for a student loan debt is of course not for everybody. It will still depend on how you want to take care of your debt. What this offers though is a good way of handling three or more student loans if you ever find yourself looking for an alternative.