Education Student Loan Consolidation

College loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with large debt. In addition, they often have several loans from different lenders, meaning they are writing more than one loan repayment check each month. The solution to this problem is education student loan consolidation.

Education student loan consolidation means bundling all your student loans into a single loan with one lender and one repayment plan. You can think of loan consolidation as similar to refinancing a home mortgage. When you consolidate your school loans, the balances of your existing student loans are paid off, with the total balance rolling over into one consolidated loan. The end result is that you have only one college loan to pay on.

Education student loan consolidation offers numerous benefits:

* Combines your school loan payments into one monthly bill.
* Lowers your monthly debt payment.
* Locks in a fixed, usually lower, interest rate for the term of your loan.
* Flexible repayment options and no fees, charges, or prepayment penalties.
* No credit checks or co-signers required.

You should consider consolidating your loans if the student loan consolidation would have a lower interest rate than your current loans, particularly if you are having difficulty making you monthly payments. However, if you are near to paying off your existing loans, consolidation may not be worth it. The savings generated by consolidating college loans depend on what interest rate you get and whether you decide to extend your repayment plan. According to Sallie Mae, the leading provider of school loans in the US, consolidating student loans can reduce monthly payments by up to 50 percent.

Learn more about education student loan consolidation by visiting http://www.Student-Debt-Consolidation-Loans.net

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