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If you're like most people, you need to figure out a strategy for paying off loans.While it would be a lot easier to just pay cash for most things, the reality is that most of us don't have several hundred thousand dollars lying around.Chances are if you’re dealing with student loan debt, you’re not just dealing with one loan. And if you couldn’t cover the costs with federal loans, you very well may have turned to a private lender, such as a bank or other lending institution (e.g., Sallie Mae) to fund the rest of your expenses.One option you have when you begin tackling your student loan debt is to explore loan consolidation.There are both benefits and drawbacks to consolidating your loans, which we’ll discuss in this article.Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans — the types of loans, interest rates, balances, borrower benefits, and more — as well as your current financial situation.

There are dozens of ways to do this, and some include transferring debt to a zero or low-interest credit card, taking out a debt consolidation loan, applying for a home equity loan or paying back your debt through a debt repayment plan.Between mortgage payments, car loans, student loans and credit card debt, we need to have a clear plan for paying off debts — especially if we're responsible for a lot of different debts all at once.Most financial experts might define debt consolidation as the replacement of multiple loans with a single loan, often with a lower monthly payment.When researching loan consolidation options, you may come across what’s known as debt consolidation companies.Some of these are legitimate, according to the Consumer Financial Protection Bureau, however, others are incredibly risky.

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