College Planning & Financial Aid

Generally, you should consider consolidating if there currently are lower interest rates available with minimal or no loan origination fees. Also, verify that there are no penalty fees on the old loans for pre-payment. Other reasons to consider when consolidating is whether you will have trouble keeping track of, or paying, the monthly payments. Stretching the term of the loan will lower the monthly payment, but will increase the total interest cost over the term of the loans. Speak to your local CPA to see if loan consolidation is beneficial for you.