Are there any disadvantages to consolidating my loans?
Updated October 6, 2022
Maybe. When you consolidate your loans the terms of your repayment may change. If you increase the length of your repayment, you will pay more interest over the lifetime of the repayment. You may also lose some borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits.
Take time to study the pros and cons of consolidation before you apply. ?Try using the Loan Repayment Checklist to help you determine whether or not consolidating is the best option for you.