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When you consolidate, you combine all of your existing loans into one loan usually at a lower interest rate and an extended period. Federal student loan interest rates are currently at their lowest and by consolidating you can get a fixed interest rate which is locked in for the duration of your loan.

What are some things to think about when consolidating?

The extended payment feature can be beneficial as we indicated earlier, but only if you use it wisely. If you can afford it, it is recommended that you allocate at least one-third more of the monthly payment in order to not incur more interest fees over the life of your loan.

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