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The problem of snowballing student loan debt is well-documented in what seems like a weekly ritual in the media. While it is true that graduates are often left with numerous loans, each with different payment schedules and terms, we hear precious little about solutions.

One solution that credit unions can offer is student loan consolidations—a relatively new product—that can benefit both the borrower and the lender.

Borrowers are able to roll multiple loans into one, thereby reducing interest and monthly payments and making student loan debt easier to manage. Funds are freed up for productive purposes like automobile loans, mortgages and investments.

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