- Joined
- Mar 24, 2011
- Messages
- 146
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For experienced persons:
I have many student loans at varying principals and interest rates.
I was under the impression that the total monthly interest paid would be the same whether I consolidated or not, because consolidation takes the weighted average of my loans into determining the consolidated interest rate.
However, my loan provided told me that 'the total monthly interest payment may be higher once consolidated.' How would this be possible?
It is hard to tell if they just said this because they don't want to lose my account if I consolidate.
I have many student loans at varying principals and interest rates.
I was under the impression that the total monthly interest paid would be the same whether I consolidated or not, because consolidation takes the weighted average of my loans into determining the consolidated interest rate.
However, my loan provided told me that 'the total monthly interest payment may be higher once consolidated.' How would this be possible?
It is hard to tell if they just said this because they don't want to lose my account if I consolidate.