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How to Consolidate Student Loans – Federal Student Consolidation Loans

By using federal student loan programs, loan holders can consolidate their existing loans. The procedure is very simple: you need to call the Direct Loan Servicing Center (part of the US Department of Education) and in a short time you will receive your new consolidation loan.

The new interest rate is a weighted average of current federal student loan interest rates.

It is even possible to consolidate additional debt with this loan if it is considered a viable option.

The main reason why people apply for debt consolidation is that they spend a lot of money on monthly payments. If all the loans are consolidated into one, the new monthly payments will become very expensive, not to mention that the loan may be spread out over a few years.

To do this, you can go to the bank and apply for a personal loan. It is recommended to use one loan for student loans and another for the rest of the debt.

Financial experts do not encourage consolidating student loans with the use of private debt consolidation loans because it will cause more financial problems.

In most cases of federal student loans, the interest is tax deductible. Why would anyone give up such a privilege? In this situation, having two mortgages is better than having one.

The only exception is when the consolidation loan is a home loan. If you’re lucky, you can get a lower interest rate than your student loan.

Home loans are also tax deductible and you won’t lose the benefit. Over time, your income will increase and this will affect the interest of writing a student loan. But, with home loan interest, you can continue to write down the money without any problems.

To summarize all of the above, sometimes a student loan next to another loan can be viable but there are times when a separate loan is the best option.

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