Here’s what you need to know if you’re hoping to combine student loans with other debts.
If you’re hoping to consolidate student loans and other debts into the same loan, don’t expect to pay lower interest on the new loan.
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If you want to refinance student loans and consolidate credit card debts at the same time, there are some things to watch out for.This means your student debts cannot be combined with credit cards or other debts under this type of loan. Borrowers can usually only qualify for loans equal to their current student loan payoff amounts.Your new loan will also have other qualities of student debt, like being harder to discharge in bankruptcy.Applying for multiple loans or credit cards at the same time, for instance, can hurt your credit.“When you apply for the student loan refinance and apply for their personal loan — those are two separate functions and you’ll get two hard credit pulls that will go on your credit,” De Gisi points out.