consolidation loan

noun
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.
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World English Dictionary
consolidation loan
 
n
a single loan which is taken out to pay off several separate existing loans

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Under these programs, a borrower's loans are paid off and a new consolidation loan is created.
Student loan consolidation is a way to combine your existing student loans into a new consolidation loan.
Student loan consolidation combines your existing student loans into a new consolidation loan.
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