From saving money to improve your credit score, there are many benefits for student loan consolidation. Here are ten reasons why you should streamline these debts.
1. Peace of mind Have you sleep tonight? Do you find yourself awake at 3 am flipping through wondering how you will meet all your student loan payment this month? Worried about whether or not able to pay your bills? With your student loan consolidation, you can save up to 60% monthly payment.
2. Lock in a low interest rate Do not procrastinate, by holding your Federal student loan consolidation before June 30 this year, you can take advantage of low interest rates currently at 4.7 percent. Also, you will earn interest for the life of the loan, so you do not have to worry about the rate increase.
3. Streamline your payments Are you squeeze to make several loans with varying amounts during your time at school? Many of us have. This can be confusing to keep track of all bills. When you consolidate, you will simplify your life by only having to pay the amount that a lender.
4. Auto-pay To further simplify your bill payments, sign up to pay automatically when you do a consolidation loan, and you can save on postage costs and time required to write a check. Lenders will only reduce the amount from your bank account on a regular schedule. Most lenders offer a discount for borrowers who sign up for auto-pay.
5. Improve your credit score When you do a student loan consolidation, the new lender will pay off existing student loans. The process of loan payment, along with reducing the amount of outstanding loans will improve your credit score. And, do not worry if you do not currently have a star credit. Because your loan is guaranteed by the U.S. government, your credit score will not be examined as part of the application process.
6. Help parents' Did your parents borrow money to help pay for your education? They can also combine their PLUS loans and lock in current interest rates.
7. "On Time" payment discount Like auto-pay, lenders reward borrowers with an interest rate discount for paying on time during a certain period (usually 36 months). Be sure to ask your lender about discounts when you apply for your student loan consolidation.
8. Be patient or delaying Once you have completed student loan consolidation, you will retain the privileges of this Federal borrowing.
9. Financial Savvy Maybe you're not straight "A" student, but everyone will think that you are a financial genius when you tell them what you put on student loan consolidation.
10. Exit from default status you can stop harassing phone calls or wage garnishments by the consolidation loan
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