So if your credit score improved compared to when you first got the private loan, there is a good possibility the lender will give you a lower interest rate.
If you have multiple loans, after consolidating, you will have only one or two loans.
It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.
If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.
One of the best places to start looking is the federal Direct Consolidation Loan program.
If you did borrow money for college, chances are you received a new loan each semester.
Graduated repayments as well as equal installments will be offered as part of loan consolidation.
Private loans like the Residency Interviewing & Relocation Loan cannot be consolidated with the Federal Loan Consolidation Program.
If you are tight on money and cannot make monthly payments, you can consider consolidating your loans.
There is no interest benefit for consolidating a government loan — the rate stays the same.
As for private loan consolidation, you may get lower rates (which are set by the lender).
You may also be able to refinance loans at lower interest rates and reduce your monthly payments.
And consolidating your debt can make your financial planning and day-to-day finances more convenient.