One final advantage of consolidating your student loans is that it can often lower your monthly payments . This helps your credit score because the ratio of debt to income will go down. This especially helpful if you are trying to secure a mortgage.Are student loans installment loans?
Student Loans are definitely a type of installment loans, although they have special payment terms. Most student loans have a deferment option while you are in school. Afterwards, your accumulated interest is added to your principal, and repaid in monthly installments.