Consolidating canada student loans advice dating ukrainian women

You can “consolidate” private loans by bundling multiple loans together, but the major benefits of consolidation are reserved for government loans.

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When you refinance, you can When you have multiple federal student loans, you can consolidate those loans using a Direct Consolidation Loan.

The interest rate you pay, as a whole, will not change—you’ll end up with a weighted rate on the resulting loan that is effectively the same rate you were paying on those loans separately.

Again, it’s possible to stretch out your repayment over future years—every time you refinance, you start the repayment process over—but that can cost you over the long term.

To see how this works, get familiar with loan amortization, which is the process of paying down loans.

However, a longer repayment period means you’ll pay more interest over the life of those loans.

You’ll enjoy a lower monthly payment today at the expense of a higher overall cost.

The idea is the agency will negotiate with creditors to make payments more affordable.

You only make one payment, but the payment goes to the agency, which then pays off your multiple loans for you.

For some, those benefits aren’t helpful, but you never know what the future brings, and features like deferment and income-based repayment might come in handy someday.

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