Financial Myths: Consolidating Student Loans for a Better Rate

This week in Financial Myths we’re talking about student loan consolidation. We sometimes hear “consolidation” and “refinancing” used interchangeably. And they are similar! But they’re not the same and you need to know the difference before you choose which route is right for you. Both refinancing and consolidation can simplify your situation; substituting one new loan for the multiple loans most people leave school with. Both can alter the term (length of time it takes to repay) of your loans and therefore lower your monthly payment. But only one can get you a better interest rate. Want to know which one? Read the whole story here.