More about consolidating school loans
A smaller payment and lower interest rate are not the only reasons to consolidate. Borrowers who combine their loans are extended several choices when it comes to repaying their debt. These plans include the standard repayment plan, graduated repayment plan, extended repayment plan and income contingent repayment plan. Numerous plans are made available to offer the borrower a flexible way to repay his or her debt. Even better, borrowers can switch their payment plans at their discretion. Another added benefit to consolidating student loans is there is no minimum amount required to qualify for the consolidation. Lastly, loan consolidation is free.
When done through the U.S. Department of Education, borrowers do not have to meet credit requirements to be approved for the consolidation. The process can also most likely be handled by one of the student’s current lenders. However, it is always a good idea to shop lenders before making a decision on who to finance with.
Private student loan consolidation is also possible. This process, however, is a little trickier and requires more during the application process then federally-backed programs. Visit our private consolidation loan page here
To learn more about Federal student loan consolidation programs and how consolidation can benefit you, visit www.loanconsolidation.ed.gov
A Helpful Student Consolidation Resource:
Visit our School loan consolidation homepage for a comparison of multiple lenders and their consolidation loan specs, interest rates, benefits and more.
Debt and loan consolidation is important so that you can aggregate all your payables and then lump them into one new loan. Instead of paying one hundred dollars to creditor one. one hundred dollars to creditor two, and another one hundred dollars to creditor three, you might want to pay one creditor two hundred and eighty dollars instead. When you consolidate your debt, you have better chances of reducing the amount of interest that you pay on your debts and you will certainly simplify your life
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