People consolidate student loans to lower their monthly debt. When you consolidate, your original loan amount is paid off in full in return for a new loan for the combined balances. This new loan will have lower interest rate that is fixed for the life of the loan.
When you consolidate student loans, you could reduce your monthly payments by upto 54 percent. Other advantages include reducing your interest rate by 1 percent after you maintain your on-time payment record for a certain period. Also, there are no pre-payment penalties on consolidated loans.
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