Do you want to get rid of your student loan? Are you tired paying the monthly installments? There is a solution for your problem and the solution is called student loan consolidation.
Student Consolidation Loan
It means merging all your loans into one and with a payment of one single monthly payment. Don’t get confused. It means that all the previous student loans you had taken are written off and in its place one new student loan is formed and you have to pay back the new loan monthly.
Benefits of loan consolidation:
Lower Monthly Payments
Since you consolidate all the loans, so now you need to pay back only one loan instead of several loans and hence your monthly installment is lower.
Payment of One Loan Monthly
Managing one loan is much easier as compared to several loans all with different deadlines of payment. This also helps you in paying back all the loans in just one single loan as with several loans you may end up forgetting about one loan completely.
Fixed and Low Interest Rate
If you consolidate all the loans, you will get the advantage of lower and fixed interest rates. According to the current law, interest rates for student consolidated loan cannot go beyond 8.25 percent.
No Processing Fees or Credit Card Check
You don’t need to have a credit card now to apply for a student loan consolidation. The payment terms and conditions are flexible to a larger extent and can be customized according to your financial capability.
Now Payment Is Easier: It Can Be Done Electronically
It is not mandatory for you to pay back your student consolidated loan electronically, but if you do it electronically you get a discount of 0.25 percent on interest rates.
By Mary Foster
Check Out the Related Article : American Student Loan Offers
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