December 07, 2001
By: Bev Dodd
Loan consolidation: Low rates save money
Having trouble making all your debt payments at the end of the month, then loan consolidation is probably the right choice for you. A loan consolidation can significantly reduce your total monthly payments by getting you one low monthly rate. We'll discuss this more below.
Loan consolidation is another way for borrowers to handle large educational debts or combine multiple loans with multiple lenders to a single lender. A loan consolidation is a new loan that actually pays off the borrower's qualifying outstanding student loans, leaving the borrower with one loan and payment. Consolidation also offers an extended repayment period that can range from 10 to 30 years depending on the total amount of the educational loans.
Established by Congress as a means of helping student borrowers cope with their federal student loan debt, the loan consolidation program will allow you to combine all of your eligible Federal student loans into a single new loan, typically resulting in a significantly lower monthly payment. If you feel that you could benefit from a lower monthly student loan payment, a Federal Consolidation Loan is probably right for you.
If you're having trouble covering all your regular household expenses, including your rent or mortgage payments, car loan installments, food bills, and utility payments, consolidating your student loans my help ease the pressure on your monthly budget. Loan consolidation can reduce your monthly payment amount by about 10 to 40 percent, depending on your loan balance, the length of the payback period, and the interest rate on your Federal Consolidation loan.
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