College Loan Consolidation
College Loan Consolidation (or known as Student Loan Consolidation) program has help many student saving much money for paying to student loan after graduation.
The college or student loan consolidation is practical repayment method that refinance your multiple loans into 1, significantly reduce the interest and payment term. With this program, you can lock the loan interest in lower range.
You are advice to consolidate your debt during grace period. This is to avoid interest increase, for federal student loan, interest will probably increase 0.60% after end of grace period. There is no penalties for consolidation of debt, some more it might save you hundred dollars monthly.
Tips for getting a good rate for student loan consolidation
1) Knowing your credit score, check your status through credit report. Good credit score will always enable you to bargain a better rates for consolidation.
2) Research multiple rates with lenders - don't just rely on 1 lender, get few of them to quote for you and comparing multiple lenders rates, make them more competitive. At the end, you will found the best rate among them.
3) Using the student loan calculator (can be easily found online) to check how much saving from the deal.
4) Planning your payment term, at initial stage you may need to pay less to reduce debt burden. But the longer period for repayment will cost you much in the long run.
Generally, the interest rate of the loans offered by federal government will be lower than private lenders. If you want a favourable deal, search more information of the loan before liaise with all lenders. It is worth that spending some times to collect more data.
Please check out
Student Loans instead of College Loan Consolidation for more information.
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