Are you sick of paying interest on your monthly student loan you with no end in sight? Afraid of cash flow problems that may prevent you from paying loans on time? I know I was and there is a solution to this problem. It is called student loan consolidation.
What is Student Loan Consolidation?
Student loan consolidation simply means strengthening all student loans into one loan with a monthly payment plan. Effectively, all your previous loans written off and a new student loan is created which you need to pay monthly.
Benefits of Student Loan Consolidation
Here are some of the benefits of consolidation student loans
1. Lower monthly payments
By combining all student loans into one loan, you only need to pay one loan monthly instead of several student loans monthly. Thus, the monthly payment is lower
2. Pay only one loan monthly instead of several student loans monthly
It is much easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.
3. Low, fixed interest rate
By strengthening your student loans, you will be able to take advantage of low, fixed interest rate. Currently, under the law, student loan consolidation rates can not exceed 8.25%. Moreover, interest rates are at 40-year low because this is a good time to get one.
4. No credit check or processing fees
No credit check is required during the application of a student loan consolidation. The payment plans and terms are typically very flexible that they can customize it according to your financial situation.
5. Make monthly student loan payment electronically
While it is not necessary to make the payment electronically, most lenders will knock 0.25% of your student loan rates if you make payment electronically. Also, by using direct debit from your bank account to prevent you from forgetting to make a payment.
Sometimes it can get very confusing ability attended a student loan consolidation. The official stand of the government is that students who are still in the grace period or who are still studying in school may qualify for government student loan consolidation
Government student loan consolidation nowadays are quite competitive compared to the private sector, that is why I would recommend going to a government student loan consolidation. With so many benefits to get a student loan consolidation, it is quite obvious to save money in the long run is to get one.
What is Student Loan Consolidation?
Student loan consolidation simply means strengthening all student loans into one loan with a monthly payment plan. Effectively, all your previous loans written off and a new student loan is created which you need to pay monthly.
Benefits of Student Loan Consolidation
Here are some of the benefits of consolidation student loans
1. Lower monthly payments
By combining all student loans into one loan, you only need to pay one loan monthly instead of several student loans monthly. Thus, the monthly payment is lower
2. Pay only one loan monthly instead of several student loans monthly
It is much easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.
3. Low, fixed interest rate
By strengthening your student loans, you will be able to take advantage of low, fixed interest rate. Currently, under the law, student loan consolidation rates can not exceed 8.25%. Moreover, interest rates are at 40-year low because this is a good time to get one.
4. No credit check or processing fees
No credit check is required during the application of a student loan consolidation. The payment plans and terms are typically very flexible that they can customize it according to your financial situation.
5. Make monthly student loan payment electronically
While it is not necessary to make the payment electronically, most lenders will knock 0.25% of your student loan rates if you make payment electronically. Also, by using direct debit from your bank account to prevent you from forgetting to make a payment.
Sometimes it can get very confusing ability attended a student loan consolidation. The official stand of the government is that students who are still in the grace period or who are still studying in school may qualify for government student loan consolidation
Government student loan consolidation nowadays are quite competitive compared to the private sector, that is why I would recommend going to a government student loan consolidation. With so many benefits to get a student loan consolidation, it is quite obvious to save money in the long run is to get one.