Pros and cons of consolidating student loans


There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.

You will find all of the necessary information below.​Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and ,000 in yearly gross income.

If you get serious about paying off your debt, then you can probably get the ball rolling quickly enough to pay off the some of the smaller debts first without consolidating your debt.

Instantly view loan options from ,000 to 0,000 using our student loan refinance comparison tool.

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This is going to ruin your credit history and credit score.5. Debt consolidation doesn’t get you out of debt, and it doesn’t tackle the issue of how you got so far into debt in the first place. Whatever it is, you need to change the behaviors that got you into debt before you devise a plan to get out of debt or else you’ll find yourself back in the same predicament a few years later.If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.With an average balance of ,000, student debt is a big part of the average college graduate's life.At Lend EDU, we help borrowers compare the top student loan companies in one place.From here, the cycle starts over and you will find yourself in a bad spot once again.2. Even though your interest rate may be lower, it is possible that it will take you a longer period of time to pay back your debt.

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