Is consolidating your student loans a good idea

With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).

Finding the right bank to refinance or consolidate your student loans is confusing.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.

The only con to making biweekly payments is if you are getting a discount for having automatic payments directly debited from your bank account.

In this case, the lender will more than likely take out your payments once a month.

Once promotional rates expire, the average credit card rate is almost 15 percent.Paying off your student loans won't happen overnight, but you can shorten your repayment period by a few months or even a year or two. By using one or a mixture of the methods outlined here.Apply a trick that's used for mortgages to your student loan debt.Which is why a consolidation loan can often prove to be a better option: it may allow you to get a lower interest rate, which would save you money over the long-run.2) High monthly payments People with lots of debt also frequently struggle with high minimum payments – which are sometimes more than they can pay each month.