home refinancing pros and cons guide  
 

Student Loan Consolidation

Student Loan Consolidation
You can very well consolidate your loan for fedral students but always make sure you should not opt for a single programe for consolidating both your fedral student loan and personal loan. You should opt for a single lender who further distribute to your old creditors. Before going for student debt consolidation you must have a minimum balance of $5000.00, you must be in sixth grace period or should be already repaying your loan. One must look into all advantages and disadvantages. Debt consolidation allows to make all the payments to a single lender, which is

also beneficial as depending on loan amount the repayment tennaure could also be increased to 10 - 30 years. While negotiating with bank or financial institution always ensure that your re-payment plan meet your monthly payments and have a good rating too. The interest rate for Student Debt Consolidation is 8.25%, once the rates are fixed you cannot take advantage if in future rates go down as you have to pay at the same fixed rate. Married couples can also consolidate their individual student together.


 
 
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