These are five financial myths that are totally false, and what you should know instead. For better or worse, your credit score is the gateway to an array of financial products such as mortgages, auto loans, personal loans, credit cards and private student loans. Student loan consolidation will lower your interest rateIf your goal is to lower your student loan interest rate, then student loan consolidation is not your best bet. In contrast, student loan refinancing can cut your student loan interest rate. For example, let's assume you have $100,000 of student loan debt with a 7% interest rate and a 10-year repayment term.

Source: Forbes June 04, 2018 12:22 UTC