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20 Jan

According to Credit Sesame data, Millennials owe a total of .8 billion in student loans. Thankfully, you have the option to consolidate your student loans, which may save you a considerable amount of interest, lower your monthly payment and simplify your bill-paying schedule.If you’re looking to consolidate federal student loans that were issued after 2006, you already have a fixed rate, so you won’t save much on interest, but you can extend the term of your loan to lower the monthly payment.

Even those student loans with interest rates on the low end can benefit from consolidation, which simplifies multiple loan payments by rolling them into one payment.With low interest rates, a fast online application, and an instant obligation-free quote if you qualify, you don’t have to wait two years, a year, or even six months.You can pay off your credit card debt Credit card calculations assume a fixed monthly payment of 2.5% of the current balance.Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones.In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.