Nancy asks…What are DRAWBACKS to consolidating student loans? I have about a 4.5% interest rate through the govt.?Currently un-consolidated and thinking of consolidating.
ADVANTAGES:
I know the benefits are that you lock in a low rate.
DISADVANTAGES:
But at what expense? What about the downsides? Do any of these things, or any others not mentioned, happen?:
- annual fee
- higher interest rate
- heavy penalties (compared with un-consolidated loans) if you don't pay on time
- loss/shortered
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