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How Consolidate Student Loans

Student loan consolidation is a repayment tool that will allow you to take all the student loans you have received over the course of your college education and combine them into one loan. When you receive a student consolidation loan the lender will pay off all your debts to your creditors. You will then only be responsible for paying one monthly payment to the company that you consolidated your student loans with.

The Student Loan Consolidation Process:

  • Loan #1: $4,000 at 7% interest
  • Loan #2: $5,000 at 9% interest
  • Loan #3: $5,000 at 9% interest
  • Loan #4: $5,000 at 10% interest

The total amount of your loan equal $19,000. Under the insurance rates of your loans you will be paying $239 a month for the next 180 months, which amounts to 15 years. If you consolidated you would take out a $19,000 loan at an 8.9% interest rate your monthly payment would be $191. That is a savings of $48. An 8.9% interest rate of a student consolidation loan is a high estimate, a lot of times you can get it in the 6.25% range. If you decide to consolidate during your grace period, the time in-between your graduation and when you start paying the loan, you can usually get an even lower interest rate. Bottom line, consolidation saves you money right now.

Consolidate Everything!

Whether you took out federal student loans or private student loans there are consolidation plans for both. The Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP) include consolidation loans to help students and parents consolidate their federal loans, either the Stafford, Perkins or PLUS loan. Private student loan consolidation works basically the same way, but you will be more subject to credit checks and varying interest rates. You can also consolidate both your federal and private student loans into one, nice monthly payment.

Consolidate Your Loans

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Do you have at least $15,000 in student loan debt?
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Apply for student loan consolidation and you can save some much need cash. By consolidating your federal and private student loans you can combine all your payments into one, easy to make monthly payment. With a lower monthly payment, lower interest rate, and one easy to make monthly payment consolidating your student loans could make life much easier on you. Apply today with Best Loan Price!