Federal Student Loan Consolidation | The College Crisis – Documentary!
federal student loan consolidation – http://consolidatemystudentloan.org
When you consolidate federal student loans, you will be combining all the present federal student loans that you hold into one convenient loan program. There are many reasons why more and more students are choosing to consolidate federal student loans; here are a few reasons why and how such a loan could make your life easier…(http://www.youtube.com/watch?v=8Fxxsy6X4bA)
1. When you have multiple federal student loans, you need to make monthly payments for each of these loans, and that could add up to quite a lot. These monthly payments – all with varying interest rates – can really weigh you down financially. When you consolidate federal student loans into one single loan, your monthly payment rates are significantly cut down as you will be making payment for one single loan. This is a huge advantage at a point in your life when you need to worry less about debts and concentrate more on your education.
2. As you consolidate federal student loans, you also benefit from the comfort and convenience of having to repay a single lender instead of multiple lenders. It can be quite a hassle to repay multiple loans as the month ends, and also keep track of the different due dates for all the loans. Additionally, you benefit from the fact that the monthly payment does not burn a hole in your pocket.
3. You also benefit in another great way when you consolidate federal student loans – a lower interest rate (in most cases). This helps you to minimize your monthly payments with the added option of being able to extend the period of your loan. With a low interest rate and a short loan repayment period, you can get much lower monthly payments, which is a great advantage to those on limited incomes.
Consolidating federal loans also helps you to build your credit score by paying back one single loan on time. This will further aid you in getting other kinds of loans in the future with lower interest rates. When you apply for a mortgage, it could save you a lot of money in the long run in the form of lower interest charges. This is a great advantage whenever you plan to apply for any kind of loan as lenders always take a good look at your credit score. When you consolidate federate student loans, your credit score begins to look impressive and that makes you eligible for future loan programs such as car loans or mortgages.
For more advice and information on Student Loan Debt Consolidation, Student Loans, Federal Loans and Stafford Loans, visit http://www.consolidatemystudentloan.org or call toll free 1-888-894-0777 for a FREE assessment!
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