The Key Differences Between Consolidating and Refinancing Your Loans Modest Money2 Comments

Financial jargon was meant to be confusing. Isn’t that frustrating? Even more so, financial jargon was designed by banks to intimidate everyday consumers so they avoid reading critical (and often burdensome) terms and end up owing banks more money in interest on their credit cards and loans. Infuriating! This is why the best thing borrowers can do is to educate themselves on their loan terms, as well as important terminology.

Two loan terms to know that can save you a lot of money over the life of your loan: consolidation and refinancing. Know them like the back of your hand.

What is Loan Consolidation?

Consolidating is exactly what it sounds like: condensing multiple loans offers into one single loan. Many like this option because it offers fewer bills and monthly payments to keep track of, monthly payments are often lower when you consolidate, and if you have a variable rate loan you can consolidate into one fixed rate (meaning you’ll only pay at one agreed upon interest rate, instead of whatever the market interest rate is.)

There are a few different options depending upon your type of loan. Consolidating private loans can often substantially lower interest rates for borrowers and save money over…

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