Student Loan Consolidation – 10 tips to control your loan In this article, we will find out why people say that: “Student loan consolidation can be the perfect repayment option for you”. Yes, if you have a sizable amount of college education loan, you will find it hard to pay off your education debts from all those lenders especially if you are still an entry level worker. If you are lucky person, you might be able to land a good paying job after graduation allowing you to pay off your debts faster. However to be on the safe side, the following tips can be helpful in case you need to go for student loan consolidation. The best consolidation tips have been complied in this single article. What are these? 1. You must understand that debt consolidation lowers your monthly payments and interest rates but this also extends your payment term and you can possibly end up paying more than you originally owe. 2. It’s not a good idea to consolidate your federal loans with your private loans because you may lose out on helpful federal loan benefits. 3. When consolidating federal loans, there are NO fees involved. 4. Determine if consolidating your private student loan will result to a fixed rate or a variable one. 5. There are other repayment options aside from student loan consolidation. Check on your eligibility for loan forgiveness which you can avail of by working in certain organizations or fields of work. 6. Determine if there are any pre-payment penalties when consolidating private loans. 7. Research all pros and cons of consolidating private loans. 8. Compare all borrower benefits provided by your current lender with the ones provided by the consolidation lender. 9. If your original lender gave you a fee waiver, determine if you need to repay that fee when consolidating with another lender. 10. If you have plans of going back to college, it’s important to know that consolidating private loans won’t let you defer payments but consolidated federal loans do. With 10 tips above, many people kept studying with low credit and then paid off all their education loans. We hope that you can use it to control your finances, my friend!
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