Pros and cons of consolidating federal loans

Pros and cons of consolidating federal loans

,000 FEDERAL LOANS Fifteen thousand dollars in subsidized loans SUBSIDIZED, ,000 PRINCIPAL at a three point five percent interest rate, @3.5% INTEREST and then two different unsubsidized loans: UNSUBSIDIZED a loan of twenty thousand dollars ,000 PRINCIPAL with a four percent interest rate, @4% INTEREST and a loan of fifteen thousand dollars ,000 PRINCIPAL with a five percent interest rate.

The cost of attending a university is increasing every year, and student loan disbursements are increasing accordingly.By the end of this post you will understand both options and have a good idea whether one, or both, are right for you.The terms student loan consolidation and student loan refinancing are often used interchangeably, but they actually mean two very different things, and they have very different sets of pros and cons.To help ease the burden of student loan payments, many borrowers opt to consolidate or refinance their student loans.Both options have the potential to help you pay your student loans off quicker and pay less interest along the way, but there’s a lot of confusion around how they work, how they differ, and whether they’re right for you.

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