As mentioned earlier, there are two types of student loan consolidation. The first is the Confederation of consolidating student loans. In this type of loan to consolidate all of your debts are purchased by a consolidation of the company or the Ministry of Education. In this scenario, the loan may be that by federal institutions, is not private.
The other is the nature of the consolidation of private loans. With this type of consolidation loans, you are directly with a company that makes you an offer to consolidate your loan private. The problem with this type of loan is that the interest rate is higher. Even if your monthly rates can be lower, you must pay a higher rate of student loan consolidation, and for a long period.
The main difference between the two is that in a federal consolidation loans, which you have no additional cost. On the other hand, private companies, consolidation loans, you have to pay a fee for their services. It may be more expensive, but is the only alternative for many students.
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