Health and other associated issues - Tips, Information and Guides
Top Ten Reasons For Consolidating Your Student Loans
by: Mike O'Brien From saving money to improving your credit score, there are many benefits
to consolidating student loans. Here are the top ten reasons why you should
streamline these debts. 1. Peace of mind Have you had sleepless nights worrying about whether or not you can afford
to pay your bills? By consolidating your student loans, you can save up to 60%
on monthly payments. 2. Lock in a low interest rate By organising your Federal student loan consolidation before June 30th of
this year, you can take advantage of the current low interest rate of 4.7
percent. As well, you will secure this interest rate for the life of the loan,
so you won’t have to worry about a rate increase. 3. Streamline your payments Have you racked up multiple loans with varying amounts over the course of
your time in school? It can be confusing to keep track of all of the bills. When
you consolidate, you will simplify your life by only having to pay one amount to
one lender. 4. Auto-pay To further simplify your bill paying, sign up for auto-pay at the time of
the consolidation, and you can save yourself the cost of a stamp and the time it
takes to write a check. The lender will simply deduct the amount from your bank
account on a regular schedule. Most lenders provide a discount for borrowers who
sign up for auto-pay. 5. Improve your credit score When you consolidate, the new lender will pay off your existing student
loans. This process of loan payment, along with reducing the number of
outstanding loans will improve your credit score. And, don’t worry if you
don’t currently have stellar credit. Because your loans are guaranteed by
the U.S. government, your credit score won’t be checked as part of the
application process. 6. Help your parents Did your parents borrow money to help pay for your education? They, too,
can consolidate their PLUS loans and lock in the current interest rate. 7. “On Time†payment discount Like auto-pay, lenders reward borrowers with an interest rate discount for
paying on time for a certain period (usually 36 months). Make sure to ask your
lender about discounts when you apply for a loan consolidation 8. Forbear or defer Once you have consolidated, you will retain these Federal borrowing
privileges. 9. Financial Savvy Maybe you weren’t a straight “A†student, but everyone
will think that you’re a financial genius when you tell them what you are
saving on your student loan consolidation. 10. Get out of default status You can stop the harassing phone calls or wage garnishments by
consolidating loans that are in default and get back on track with your
financial status.
About The Author
Mike O'Brien offers advice and information about student loan
consolidation @
http://www.wwwloanconsolidation.com. This is a quality web site with
a choice of student loan consolidation and general debt consolidation
information and the best way to deal with it. |
Recommended Links
Health Index
|
![[Valid RSS]](../valid-rss.png "Validate my RSS feed")