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re: Consolidating Student Loans

Posted on 10/19/14 at 3:21 pm to
Posted by Lsujacket66
Member since Dec 2010
4796 posts
Posted on 10/19/14 at 3:21 pm to
generally its not in your benefit to consolidate. This is called credit shuffling, and doesnt really benefit you unless you are getting some kind of government assistance with lowering the rate. I'd suggest keeping them as is, pay the minimum payment on the lower interest rates and pay more on the higher rates. This is the best method to help your credit score.
Posted by Golfer
Member since Nov 2005
75052 posts
Posted on 10/19/14 at 4:00 pm to
quote:

generally its not in your benefit to consolidate. This is called credit shuffling, and doesnt really benefit you unless you are getting some kind of government assistance with lowering the rate.


So our two loans at 6.8 and 7.2% consolidated into one at 4.15% was a bad idea? Got it.
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