segunda-feira, 5 de abril de 2010

The Advantages of Student Loan Consolidation

Student loan consolidation is a useful tool which makes easy repayment possible. The process here is to combine any existing parent and student loans into one new loan, whereby a new lender will undertake to pay off all previous balances. This is far better than paying different rates of interest on several loans.
This method will significantly reduce the load of monthly repayment. Sometimes you'll be lucky to pay an amount equaling only half of your monthly installment. Student- loan -consolidation helps take the headache off college students who otherwise have to go through a lot of hardship to accumulate necessary funds for today's expensive educational costs and it also helps to save considerable time to just sign one cheque in a month than several.
Usually there will be a grace period of six months after studies for repayment of loans. This is the best time to consolidate your loan. Though rates differ with each lender, most of it depends upon the borrower's credit history. Do not be misled by lenders who charge a fee for consolidation for this could most certainly be a scam. Usually consolidation is done free of any charge.
In the United States it is possible to extend period of repayment up to 30 years. Thus you can earn substantially and pay off your loan in this extended period.
Research various ways to get lower rates of interest on consolidation with a thorough search of the internet. By asking for a forbearance of one year on SLC you can even lock in at a low rate under Student Consolidation programs.
Even married couples can consolidate their individual student -loans no matter what the amount comes up to. Even if their marital status differs in future, there will be no change on the debt situation under SLC