Pro and cons of consolidating a student loan

The number one drawback to consolidating a Perkins Loan is the loss of loan cancellation benefits.If you are, or will be, a public school teacher, or if you teach math, science or special education subjects, you may qualify for Perkins loan cancellation.CONSOLIDATING STUDENT LOANS Let’s take a look at a few of the pros and cons of consolidating your student loans.CONSOLIDATING STUDENT LOANS If you have multiple student loans, STUDENT LOAN consolidation can offer some simplicity to your repayment.

The best consolidation or student loan repayment alternatives help students avoid default, which has significant long-term consequences.If your Perkins Loans already carry low rates, it may not benefit you to consolidate.Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.Perkins Loans fill gaps left after other financial aid is expended.Funding is limited, so your best bets for securing a loan are to file early, and meet federal financial aid eligibility requirements.

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