consolidation loan

noun

1. a loan made in order to consolidate several debts into one loan, usually for the purpose of reducing the monthly payments by extending them over a longer time period.

consolidation loan

noun

1. a single loan which is taken out to pay off several separate existing loans

Example Sentences

If they combine their federally backed loans into a federal direct consolidation loan before Wednesday, their previous payments on those loans will automatically be eligible for review.

From Los Angeles Times

If you can’t find a lower APR rate with a balance transfer, look for a debt consolidation loan through a lender like SoFi.

From Slate

With a debt consolidation loan, you’ll only owe one lender instead of multiple.

From Slate

One option may be consolidating your credit cards under a 0% balance-transfer card or a debt consolidation loan, which saves money on interest and frees up additional cash.

From Seattle Times

But borrowers with FFEL, Perkins or Health Education Assistance Loan Program loans can qualify for all the applicable adjustments if they apply to combine them into a federal direct consolidation loan by the end of this year.

From Los Angeles Times