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Loan Consolidation
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Loan Consolidation may be an option if you have multiple lenders, significant loan debt, or
different types of student loans. Through consolidation, a lender buys all of your eligible loans
and combines them into one new loan. Loan consolidation offers benefits such as one consistent monthly
payment, an extended repayment period, and a smaller payment amount each month.
However, consolidation
also means the loss of all interest-free periods associated with a Perkins loan as well as the loss
of cancellation benefits. Also, a longer repayment period means more interest is paid over the life
of the loan.
Before you choose consolidation, be sure you understand the benefits and drawbacks. If interested, your
school may be able to provide a list of consolidation lenders. (UAS does not recommend any specific lender.)
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