Pros and cons of consolidating

05 Feb

The Committee for the Citizens for a Better Education and Save Our Schools spokesperson, Dr.Linda Hoffman, an associate professor of psychology at Mc Kendree University, agreed to answer concerns regarding school closings, curriculum and taxes.The debate over consolidation has been increasing in Wood River, East Alton and Hartford since it was announced on Jan.

While you may think that this is the right move for you, once you realize the potential drawbacks you may change your position.This practice has both its advantages and disadvantages, and some of these pros and cons are explored below.Deciding whether you want to consolidate your student loans (assuming you have multiple loans and/or lenders) presents many factors to consider.In turn, you will be able to save yourself a lot of money right off the bat.3. If you have been struggling to pay your debt, month after month, you are probably interested in lowering your payments no matter what it takes.Since you will only have one payment and one interest rate that is lower, your monthly payout is going to be much less. The potential for more debt if you are not careful.Consolidating student loans is An option that Federal Student Aid (FSA) loan borrowers with multiple loans and lenders have.A consolidated loan groups all of your outstanding student loans into one lump-sum loan.If you currently have multiple student loans, you could benefit from a consolidation loan on your student debt.You may be able to extend your repayment terms, pay a lower average interest rate, reduce your monthly payment amount, fix your interest rate or simply benefit from having a singular, simplified and streamlined monthly payment amount.Since you will be freeing up money, you will have more to spend. You can consolidate all, just some, or even just one of your student loans.