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Not only would he be able to simplify his payments, but he’d lower them, as well.

At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length β€” up to 30 years in some cases.

The thing to know about student loan consolidation is that not all student loans can be consolidated.

Having less than perfect credit shouldn't stop you from receiving the benefits of consolidating your debts.So, Pete is currently paying four different people, at four different times, with four different interest rates.In an ideal consolidation world, Pete would be able to pay off all four of his loans with a single, larger loan that averages out to a lower interest rate than his current debts carry.Her straining pocketbook held the financial equivalent of a Baskin Robbins β€” it looked like she had an entire 31-flavor buffet of credit cards.Though this woman may be an extreme example, most of us do tend to have a variety of credit lines at any given time β€” usually a combination of installment loans (mortgages, student loans, auto loans, etc.) and credit cards.Student loan consolidation can be a big help to recent graduates struggling to pay multiple student loans after leaving school.

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