Consolidating student loans pros and cons

After you've exhausted your options for scholarships, grants and federal student loans, it might be time to consider a private student loan.PNC Bank offers the highest loan limit of the 10 lenders in our review with a loan maximum of 5,000.When we tested their live chat service, we received a response within three minutes.There was, however, a wait time before we could chat with a service agent.

If you're trying to pay for an expensive college education and federal student loans aren't enough to cover the costs, a private loan from PNC can help cover the gap.Whatever you do, it is best to do what you need for the sake of your finances and your future.If you find that consolidation is not the best thing for you and your spouse to do, then you don’t have to do it.The same can be said of student debt, depending on your preference.Student loans and their impact on each of your credit scores remain separate on paper and credit reports, but each spouse’s debt involuntarily affects the other’s credit score.This means you can't combine your federal and private student loans into one payment plan with one interest rate.The best private student loans allow you to do this. While PNC won't fine you for paying off your student loan early, it may prevent you from qualifying for a lower interest rate in the future.If you have the ability to make a lump-sum payment or consolidate these loans, you may want to look at your options.Before you jump on board, it’s important to look at the bigger picture to see if it’s the right financial move for you.If you have determined that consolidating your student loans with your spouse’s loans is the best idea, it is best to ensure that the two of you are on the same page with everything.Talk about how the payments will be made, what your goals are, and how consolidation fits into you meeting your financial goals.

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