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Are there any negative consequences to student loan consolidation?

April 26, 2017consequences consolidation negative student loan

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Are there any negative consequences to student loan consolidation?

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If you take a longer amount of time to pay off your student loan debt, you will pay more interest over the course of loan repayment. However, because there are no prepayment penalties and because consolidation give you a simple-interest loan, if you continue making the same payments you were making prior to loan consolidation, you will not pay more in interest and may pay off the loan even more quickly than you would have paid off your previous loan.