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Consolidate your loan, Students!

Student loans are the bane of almost every student life. Instead of going crazy repaying four or five different loans with an interest rate of 8% isn’t it better to consolidate your loan under a single lender who can discount your primary amount and give you additional discounts on interest rates? Immediately after your six month grace period mark, after graduation, the consolidation offers start pouring in. Each offer assures a better interest rate than the other. It’s hard to tell the fly-by-night operators apart from the legitimate programs. The best place to find a lender who can consolidate your student loan is by calling whichever student loan association you are currently sending your existing payments.

Why consolidate loans now?
Every year, with new government finance budget the interest rates either raises or dips. The reason to consolidate before July was to catch the lower rates on hand loans before these rates increased. But because rates haven’t moved much since last year and since the new drift is to keep interest rates a little on the lesser side, there probably won’t be much difference for loans consolidated in June or July.

What are the advantages of consolidating my loans right now?
 You can reduce your monthly payments by as much as 50%.
 You can lock in interest rates and protect yourself from future increases in interest rates which can increase your monthly installment.
 Package all loans you received into a single loan.
 Improve your credit ranking.
 Match your repayment schedule and terms to your economic circumstances.
 There are usually no application or origination charges
 No credit checks
 All your debts are in one place and there is no chance of missing a single payment.
 Some loan providers will allow you to apply for consolidation in your grace period and delay processing your loans till June 30 or July 1, to get the best rate available.

How and where to consolidate?
Loan consolidation is allowed only once so consider the process as if you are going to be trying on a pair of shoes (they should fit just right or they wont do) Consider your options carefully.
 If you have only one loan, you can still use a consolidation loan to reduce the interest rate and fix it in.
 The first step is to gather information on all your loans.
 Contact the companies that check your loans, because the federal loan consolidation program needs that you work with one of the lenders that provided your loans.
 There are no fees, no credit-checks, and no collateral or consignees required, so steer clear of any lender who states anything else.

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Students graduating with loans are suddenly thrust into the big bad world of budgeting and debt repayment, something they never had to do at home. So if you want a debtfree future in ten years consolidate your loan, right now, students!