Student Loan Consolidation - Good or Bad Idea?
This calculator could save you money and speed your payment. BUT here's a critical tip... Consolidation loans only make sense if you're no longer entitled to any further student debt aid.
Remember, you should only consolidate if:
- you make too much money for interest relief
- you have already used up your interest relief, including extended interest relief
- you are not eligible for debt reduction or other loan remission programs
- you will save more from this than from being able to write off your student loan interest (tax credit)
This Vancity online calculator can help you decide:
Warning! If you're considering debt consolidation, please first see this Debt 101's article: Thinking of Consolidating? Think Again!