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What is loan consolidation and which loans can be consolidated?

April 26, 2017consolidated consolidation loan Loans

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What is loan consolidation and which loans can be consolidated?

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A consolidation loan converts several federal student loan promissory notes into a unified promissory note with new repayment terms. Borrowers consolidate for several reasons, including bringing loans from multiple lenders together, lowering required monthly payments, and lengthening the repayment term.