OLOL College

Are there any disadvantages to getting a consolidation loan?

Are there any disadvantages to getting a consolidation loan?

Yes, there could be. For example, consolidation may significantly increase the total cost of repaying your loans. Because you may have a longer period of time to repay, you’ll pay more interest. You might also lose some borrower benefits such as interest discounts and rebates. Always talk to a financial aid professional for advice when deciding whether or not to consolidate.