While credit card debt is common for everyone, student loan debt is the most common type of debt for millennials to have, specifically. In fact, nearly 45% of millennials have student loan debt,2 and the average millennial borrower carries almost $39,000 in student loan debt.3
If you’re working to pay off your student loan debt, you might consider consolidating your student loans—but it’s important to understand the pros and cons of student loan debt consolidation.