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If you’re paying off federal student loans, you are one of 44 million borrowers with outstanding student loan debt.The Direct Consolidation Loan Program offers several repayment plans that give you up to 25 years to pay off the debt.With private loans, your credit score is a factor in whether you qualify and you may need a co-signer.

You can even switch programs if your financial or family situation changes.It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.Your options are determined by the amount of debt you carry and the difficulty you have meeting monthly payment obligations.Consolidating student loans into one payment could free up additional cash or help to structure payback of your loans on more favorable terms.

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