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Not only would he be able to simplify his payments, but he’d lower them, as well.
At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length — up to 30 years in some cases.
So, Pete is currently paying four different people, at four different times, with four different interest rates.
In an ideal consolidation world, Pete would be able to pay off all four of his loans with a single, larger loan that averages out to a lower interest rate than his current debts carry.
The thing to know about student loan consolidation is that not all student loans can be consolidated.
While most federal student loans can be consolidated, private education loans are Choosing the best company for your debt consolidation loan will be mostly a matter of research.
Keep reading to learn more about debt consolidation, or skip ahead to find reviews of our top companies.
How it Works | Company Reviews | Bad Credit Approval Tips — several loans with different terms into one loan, hopefully with more favorable terms.
Those high interest rates come with high monthly payments, and it can be easy to get caught in the “minimum payment” cycle — which only leads to an ever-growing balance.
In many cases, having multiple credit accounts in good standing can improve your score — but, when you fall behind on one type of debt, it can strain your ability to keep up with the rest.
For some, a good way to get a handle on their debt is to get it all in one place through a debt consolidation loan.
Upstart is a newer lending platform, having only been in business since 2012, and was founded by previous Google employees who wanted to disrupt predatory lending practices often found in the subprime space.
Upstart offers loans of up to ,000, and borrowing terms are based on far more than just your credit score, such as your career trajectory and income.