Their average debt load was ,600, up 24% in a decade, according to The College Board.
Those figures are adjusted for inflation — they would be even gaudier if not — and they include only tuition and fees, not living expenses.
It’s no wonder then that student loan debt is on the rise, too.
In 2013, 59% of graduates from four-year public colleges had borrowed money to help get them through school, up from 52% in 2001.
There’s also the possibility that you could secure a lower or fixed rate on your student loan debt.
Consolidating my student loans about a decade ago was one of the best financial decisions I ever made, but a lot of things have changed since then.
In this guide, we’ll take a look at the current pros and cons of consolidation, including what is probably the most important question: Will it truly save you any money?
If you’re pressed for time, here’s a quick summary of the major points I drive home in this guide: The price tag of a college education is more daunting than ever.
Student loan consolidation may not be the silver-bullet solution that it used to be, but it can still offer some benefits depending on your situation.
First and foremost, if you’re juggling multiple student loan payments, student loan consolidation can simplify your finances.