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School Loan Consolidation
What is a
School Consolidation
Loan?
A Federal Consolidation Loan combines
several existing federal student loans into
one new loan. You can lock in a single fixed
interest rate and enjoy the convenience of
one monthly payment.
Why
should I
consolidate my college loans?
-
You do not want your interest rate to change
every year. Remember, School Consolidation loans
are fixed interest rates; you will know what
your interest rate is until the loan is paid
in full.
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You are struggling to make ends meet.
Depending on your loan balance, the amount
of time given to pay back your loans may
increase after you consolidate, which in
turn lowers your monthly payment.
-
You only want to make one monthly student
loan payment. If you have more than one
lender, you are making at least two,
possibly more, monthly payments for your
student loans. By consolidating all of your
eligible loans with one lender, only one
payment to one lender is required each
month.
How can I
benefit from my school loans
consolidation?
Depending on your loan balance, you may
have a longer term to pay off your
School Consolidation loan, which could decrease
your monthly payment to a more manageable
amount. Keep in mind, the longer it takes to
repay your loans, the total interest costs
will increase.
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