YES, there could be.

Consolidation is used like that which a debt bosses apparatus and is ideal for those who are having difficulty making their monthly payments. It is designed to extend away your advance terms and abbreviate your monthly payment. thanks to of the added years, consolidation may signifiveseltly increase the total cost of repaying the loan due to the additional number of interest which will accrue.

Another viable disadvantage is you may displace out on borrower benefits such as interest discounts and rebates that your current lender provides. copious consolidation lenders do not hold out these benefits.

And finally, you may hit the consolidation market at the false time. assuming you come off to consolidate your federal loans when the interest rate is high than you are fastened with that rate. You can not consolidate your loans again at a later date should the interest rate drop. You are stuck with the rate at the time of your consolidation. It is not like refinancing a mortgage where you can refi an infinite amount of times to try and score the best interest rate.

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