Consolidating student loans with different interest rates
In this way, deferments are far superior to forbearances, but it may be more difficult to qualify for a deferment.
For example, you may have to prove that you’re currently unemployed or that you’re experiencing an economic hardship.
Replacing several monthly payments with a single payment simplifies the process of paying back your loans, and makes repayment less arduous.
Typically, you will have to add another loan in this reconsolidation, however.For example, a consolidated federal loan may have an extended repayment term (i.e., up to 30 years!), meaning monthly payments can be lowered significantly.Assuming that you’re currently trying to manage more than one student loan payment a month, you already know how overwhelming it can be.How many times have you procrastinated on paying your student loan notes simply because the mere thought of sitting down to make all those payments causes anxiety?