See video at the bottom for the student loan consolidation loan Play-Doh video.
Little Piece here on student loan consolidation. Some good info, but overall, I would have proffered a little more depth I suppose. You can read more about student loans here as well.
You've graduated - yip pee-cya! If you took any student loans in order to pay your college tuition and stuck with a load of payments consider choosing one of the student loan consolidation programs available. Consolidating your loans will make life much easier. Knowing that you will only have to make one, instead of several payments per month, is only one of many benefits student loan consolidation programs include.
Student Loan Consolidation Program Benefits
By consolidating your student loans you will be enjoying a fixed rate and one payment per month. The rate you will be paying should be an average of the rates you are supposed to be paying and should not exceed a maximum of 8.25%.
In fact, many lenders offer rates low as 4.5% which I believe is incredible. When choosing a student loan consolidation program use a student loan payment calculator to find whether you will get an interest deduction or not.
Another great benefit you will be enjoying with a student loan debt consolidation program, especially if you have to pay back private loans for students with bad credit, is a boost of your credit ratings. The fact that you consolidate other loans means that you paid them off which basically means your credit ratings improved.
I would like to consolidate federal student loans with private ones, should I?
Federal student loans should be consolidated without hesitation however, do not consolidate them with private student loans the rate you will be paying will be a very high one. Do not consolidate Perkins loans because the student loan repayment plan offers a fixed rate and relatively low one as well.
The most important thing to know is to consolidate the loans that do not include fixed rates. Consolidate private and federal loans separately and pay attention to the interest you will be paying if the total interest you are quoted to pay is higher than your original interest don’t apply for a loan.
Do some due diligence prior to you making this important decision and don’t forget to compare rates and offers from various lenders. Take your time when looking into this subject and make sure that you overview ed enough student loan consolidation programs to make a financially educated decision.
Find out more about how to consolidate student loans and debts before making your decision.
Related Video…Student Loan Consolidation
The Famous Play-Doh Bit…
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