Can consolidating student loans help your credit

Student loan consolidation or refinancing can be a great tool to use for those looking to save on, or simplify, their monthly payments, but going that route can also have serious consequences if not approached carefully – there are even student loan consolidations scams to be aware of.

A weighted average means that the loans with a higher balance influence the interest rate more than loans with a smaller balance – the overall impact of each old loan on the new interest rate is proportional to the comparative balance of that loan.All types of federal student loans can be consolidated together except a Direct PLUS Loan that was taken out by a parent to help pay for a child’s education (student PLUS loans can still be consolidated).However, private loans can’t be included in a federal consolidation loan.The following table illustrates how a weighted average works.In this example, there are three students that each have three loans.

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