{"id":214,"date":"2020-04-14T20:48:07","date_gmt":"2020-04-14T20:48:07","guid":{"rendered":"https:\/\/www.trincoll.edu\/student-accounts\/loans-for-students-and-parents\/loan-consolidation\/"},"modified":"2022-04-27T17:52:22","modified_gmt":"2022-04-27T17:52:22","slug":"loan-consolidation","status":"publish","type":"page","link":"https:\/\/www.trincoll.edu\/student-accounts\/former-students\/loan-consolidation\/","title":{"rendered":"Loan Consolidation"},"content":{"rendered":"<p>If you have more than one federal student loan (excluding Trinity College Institutional Loans) you may be eligible to consolidate your loans into one loan. The benefits of doing this include lowering your monthly loan payments, having only one monthly bill to pay, and having only one loan servicer to contact concerning your loans. However, there are some potential pitfalls you should be aware of. Even though your monthly payment may be lowered, the term of your loan will be extended and you will be charged more interest.\u00a0 Finally, the interest rate on a consolidation loan may be higher than the rates on the individual loans you are attempting to consolidate.<\/p>\n<p>Consolidation Phone #: 800-557-7392<\/p>\n<p><strong>Benefits<\/strong><\/p>\n<p>Fixed interest rates<br \/>\nLower monthly payments<br \/>\nOne lender to simplify repayment<br \/>\nExtended repayment period<br \/>\nNo prepayment penalties<\/p>\n<p><strong>Pitfalls<\/strong><\/p>\n<p>Higher total interest costs<br \/>\nPotential loss of grace period<br \/>\nCan consolidate only once<\/p>\n<p>Websites: <a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/consolidation\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/studentaid.ed.gov\/sa\/repay-loans\/consolidation<\/a><\/p>\n<p><a href=\"http:\/\/chesla.org\/content\/refi-ct\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/chesla.org\/content\/refi-ct<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have more than one federal student loan (excluding Trinity College Institutional Loans) you may be eligible to consolidate your loans into one loan. The benefits of doing this include lowering your monthly loan payments, having only one monthly bill to pay, and having only one loan servicer to contact concerning your loans. However, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":215,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-214","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.5 (Yoast SEO v25.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loan Consolidation - Student Accounts and Loans<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trincoll.edu\/student-accounts\/former-students\/loan-consolidation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Consolidation\" \/>\n<meta property=\"og:description\" content=\"If you have more than one federal student loan (excluding Trinity College Institutional Loans) you may be eligible to consolidate your loans into one loan. 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