The best time to consolidate is now

    sleepless nights over your debts? Things are tough all over. Money is tight, jobs are scarce. The economy is on the mend, but it looks like it might take a while to recover. Faced with money worries, those with student loans may be wondering how to keep themselves above water, making their monthly payments without sliding toward default. Student loan consolidation is an option strongly worth considering. Those with one or more student loan payments are eligible for consolidation. Under consolidation, your school loans are refinanced into a single loan, often with much lower monthly payments. Some calculations made by private consolidators estimate up to 53% lower monthly payments, depending on your loan situation. Other benefits of consolidation include the option to renew loan deferments, protecting some borrowers against interest accumulation during a period of nonpayment. This can be helpful for those looking to regain employment or strengthen their employment options. There are four plans available to those looking into student loan consolidation. These plans can shorten or lengthen your repayment period, lowering or raising your monthly payments depending on your current financial situation. Those with student loan consolidation can switch among these plans over the course of repayment to reflect their changing needs. Some student loans have variable interest rates, which fluctuate over time. With consolidation, the rate remains fixed for the life of the loan. This can lower your overall payment and provides for stability and fewer surprises: you will know how much your payments are, now and in the years to come. As the economy works to rebuild, you can take steps to secure your own financial future. Lowering your monthly payments through student loan consolidation might be one great way to do so. Check with the Federal Direct Consolidation Loan website or your private lender to see if student loan consolidation is right for you. No related posts. Powered By iWebRSS.co.cc