If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.
You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.
Check out the official government site for all the details on eligibility.
If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.
One of the worst things about falling deeply into debt is dealing with multiple creditors.
When debt consolidation is used as part of an overall commitment to reduce debt, it can be a key ingredient for improving your credit rating.
To determine if you can lower your debt payments by consolidating, use Lending Tree's debt consolidation calculator.
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