Consoldating student loans
Like her, many consider consolidating their loans as a way to lower their monthly payments and simplify their finances.
The theory is that, either by stretching out repayment of the loans or refinancing them at lower interest rates, the borrower can reduce monthly payments.
"All I had to do was sign on to the Sallie Mae Web site, check off a few boxes and wait for the money to be disbursed," she says.
If you can afford to make the payments on your loans, Kantrowitz says, consolidation isn't going to help you.That, in turn, can persuade a lender to reduce the interested charged as a result of a loan consolidation.