Student Consolidation Loan
It means merging all your loans into one and with a payment of one single monthly payment. Don’t get confused. It means that all the previous student loans you had taken are written off and in its place one new student loan is formed and you have to pay back the new loan monthly.
Benefits of loan consolidation:
Lower Monthly Payments
Since you consolidate all the loans, so now you need to pay back only one loan instead of several loans and hence your monthly installment is lower.
Payment of One Loan Monthly
Managing one loan is much easier as compared to several loans all with different deadlines of payment. This also helps you in paying back all the loans in just one single loan as with several loans you may end up forgetting about one loan completely.