So what are the benefits when you consolidate you student loans? Perhaps one of the most essential reasons why most students are after this is due to the lower monthly payments. This is ideal for those new graduates who are still having difficulties paying off their college loans.
The time extension where you are required to pay off your loans is also a benefit you get to enjoy from consolidating student loans. However, this will also mean that you will get interests piled up when totaled for the many years of payment you have to make.
Consolidating Student Loans – Can I Consolidate All My Loans Together?
A combination of federal and private loans is common among college students who have unsettled loan accounts. Consolidating them all together is perhaps a good idea; however they can’t be put in a single account as they simply must be consolidated into separate accounts.
Consolidating Student Loans – How to Get it Done
In case you have set your mind on consolidating your student loans, you can follow these simple steps on how to get it done:
1. List all the possible student loan consolidation firms that you like and discuss with them on the phone or personally, all of your queries regarding consolidating your loans to have a better idea regarding what you are getting into.
2. After settling to consolidate your loans with the best firm, you can now fill up their application form. The company will then inform you regarding their review and decision whether you passed or not. Good credit rating plays a huge factor for your consolidation grant.
3. Usually your application takes less than 48 hours and when approved, you will then have to sign a contract with the firm.
4. After the signing of contract, you can now start paying off your monthly payments.