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Debt consolidation is the process of taking out one loan to pay off two or more unsecured debts.If you have multiple outstanding credit card bills, for example, a debt consolidation loan could be used to pay off those bills, leaving you with only one monthly payment.Learn more about when to consolidate and refinance federal and private loans.Finding the right bank to refinance or consolidate your student loans is confusing.When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).

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Missing just one credit card payment could damage your credit score and add interest to your monthly payment.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.After 180 days, you will need to apply for a new Direct Consolidation Loan.The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.Student loan consolidation is an effective way to reorganize student debt when a person has multiple loans to deal with.