What is student loan consolidation?
Student loan consolidation is when you bring the repayments due under a number of student loans or other debts together in a single loan, to save money on your monthly repayments or to make your finances easier to manage.
This could also apply to school loans too.
People may consolidate student loans so that they can get a better view of their finances and have just one payment going out each month to one lender.
Student loan consolidation may also give you the opportunity to take advantage of a lower overall rate of interest, saving you money. If it does not, you need to think very carefully if this is the right course of action for you.
People may decide to consolidate student loans when they graduate so they can begin their new working life with all their student loan arrangements brought together in one loan. School loan consolidation, bringing the repayments due under a number of school loans into a single repayment loan, can also be managed in the same way.
Once you consolidate any loans, it's essential that you try to avoid building up any further debt until you are sure can afford it. If the consolidated loan is secured on your home, be aware that your home may be at risk if you do not keep up repayments.
Barclays can help with student loan consolidation.
At Barclays we offer...
Our Graduate Loan offer flexible terms for students who have completed their studies and want to gain better control of their finances. We also offer Professional and career loan for certain vocational courses and a range of Personal loans