student loan consolidation
Definition
The replacement of multiple student loans with a single loan, often with a lower monthly payment and a longer repayment period. This is a popular option for student graduating college who are looking to minimize monthly obligations. Student loan consolidation will typically require the borrower to undergo entrance and exit loan counseling. Some student loan consolidation programs only require the borrower to pay the interest on the loan for a given amount of time.
Use this term in a sentence
“ You should try and find a good student loan consolidation that will save you a lot of money in the long term. ”
“ The student loan consolidation was working very nicely and we were glad that it was a lower monthly payment for us. ”
“ The student had been considering engaging in a student loan consolidation to simplify the terms of the debt used for college. ”
