Q: Why should I consider private loan consolidation?

A: You should consider private loan consolidation for several reasons: For one, it can simplify your life. Instead of mailing checks in varying amounts with different due dates to multiple lenders, you need to send only one check. Secondly, you can usually receive an interest rate that's lower than the rate you're paying on any of your outstanding loans -- saving you money in total interest paid. And thirdly, if you choose to do so, you can stretch out the length of your consolidated loan, thereby reducing your monthly payment. As above, however, it is important to note that extending the maturity of your loan will result in a greater amount of total interest paid over the life of the loan.

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