Student Loan Consolidation

All your loans will be paid by one company only. Student loan consolidation allows the students to combine all their loans from various lenders into one and pay only one interest amount at a reduced rate. After consolidation, students will have to pay only one monthly installment to a single company, relieving the headache of multiple installments and higher interest rates.

Make an Informed Decision

If you need to consolidate student loans then carefully observe the pros and cons of the consolidation. Before going for student loan consolidation, think about the factors given below:

• In the consolidation process, all your loans are treated as single and have fixed interest rates. Whether the rate increases or decreases, it is not going to affect you. So, if the rates are going to plummet, it is better for you to wait and watch.
• Make sure that you can consolidate student loans as you can avail consolidation for most federal loans which includes FFELP loans, Perkins, NSL, Guaranteed student loans, FISL, Health Professional Student loans, HEAL, and direct loans.
• Remember that consolidation extends the overall loan term because you are creating a new loan.
• Consolidating all your loans is not a good idea because the rate of interest is fixed after finding out the average of all the interest rates. You may consider leaving the highest rate loan out of the consolidation.

Benefits of Consolidating Student Loans

Consolidating student loans can be beneficial in several ways:

• Convenience - Students with multiple loans also have to make multiple payments every month. That means there's more paperwork and due dates to keep track of and a better chance that one of them won't get paid. With consolidation, there's only one loan payment due every month instead of two, three, etc. That's usually easier for most students and graduates to manage.
• Save Money - A student with three outstanding loans may be required to make $150 payments each month to all three lenders. That's a total of $450 per month. After consolidation, only one payment is required and that payment is usually much less than the combined payments from all of the loans. That can be a huge benefit for students who are just getting started in their careers and who don't have the income necessary to cover large loan expenses right away.
• Additional Opportunities - Students may be given new deferment choices and/or more repayment possibilities. This added flexibility can come in handy for students wishing to continue their education even further, struggling to find employment in their field, or experiencing financial hardships.

Student loan consolidation is a great option. The difficult part is to find a loan consolidation company that meets your requirements. Consolidate Student Loans Today!