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University of Wyoming

Consolidation


If you have several loans, it may be of use to you to have them consolidated. This means that instead of paying each loan off individually, all your loans are combined together so that you can make one monthly payment for all of them. This seems like a great idea, but be careful! If you have one loan with 8.25% interest and another for 5%, when they're consolidated the interest rate is the weighted average of the two loans, rounded up to the nearest percent. Also, your payment plan may be longer than the normal 10-year period. This may mean that in the long run you will be paying more interest than you would have without consolidation. To see if consolidation of your loans is the best option for you contact the Office of Student Financial Aid.