Student loan consolidation offers advantages

A: Consolidation offers the benefits of simplicity and payment relief. Consolidating your loans lets you create one large loan with a weighted average interest rate, instead of using multiple lenders with different interest rates applied to each loan.

After you consolidate your loan, you can choose from among four primary options for repayment:

You also have four options for executing the loan consolidation: Use a loan consolidation planner, apply by phone through the Federal Direct Loan Consolidation line at 800-557-7392, fill out a paper application (available at http://loanconsolidation.ed.gov/forms/forms.html), or apply online at https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp.

Answers to our readers' questions were provided by Craig Molldrem, CLU, ChFC, a financial adviser with North Star Consultants of Texas Medical Division, Dallas. Securities and investment advisory services offered through CRI Securities LLC and Securian Financial Services Inc., members FINRA/SIPC. CRI Securities LLC is affiliated with Securian Financial Services, Inc., North Star Consultants Inc., North Star Consultants Texas Inc., and North Star Resource Group. North Star Consultants Inc., North Star Consultants Texas Inc., and North Star Resource Group are not affiliated with Securian Financial Services Inc; they are independently owned and operated.

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