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Consolidation debt program consolidating loan student

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Adding 5-10 monthly credit card bills can overwhelm your bill-pay. Going on vacation or having a hectic few days can result in several late payments and hundreds of dollars in fees.

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Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.If you are juggling multiple credit card bills, you may benefit from the convenience of having one consolidated monthly payment.Consider all of the bills that the modern household pays (mortgage/rent, utilities, cell phone, cable, internet, etc.).The Federal Loan Consolidation Program was created in 1986.In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. You can consolidate all, just some, or even just one of your student loans.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

As you weigh the pros and cons, keep in mind that timing is critical.

With just a few exceptions, you get only one chance to consolidate with the government loan programs.

Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.