Loan consolidation will allow you to take all of your loans and put them into one loan and one payment. Think of it as refinancing a home mortgage.
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You consolidate all of your student loans together, and all of the balances of your existing school loans are paid off,
the balance will go into one consolidated loan. The advantage to this is that you have only one student loan to pay off.
Consolidating your loans can offers many benefits such as, locking in a fixed,
lower rate for the length of your loan. This is advantageous because it can save you allot of money over the term of the loan.
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