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Binghamton Speech & Debate

student loan

student  loan
General Information
Name: student loan
Affiliation: Unaffiliated
Join Time: October 15, 2017 at 06:04PM EST
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About Me: If you are having trouble paying off your college loans, Student loan consolidation might be the only solution for your immediate financial issues. However, before actually opting for a direct student loan consolidation, it is essential for you to have some basic details about debt consolidation that you might not know as yet. It is important that you actually know about the pros of student loan consolidation before taking a plunge.

Dealing with one lender

With loan consolidation, you have to deal with just one agency and not multiple lenders as you might have possibly encountered until now. There is only a fixed interest rate that has to be paid off in the course of time.

No penalties involved

It is highly reassuring to know that you do not need to worry about any prepayment penalties. There are no credit checks or bank fees to be bothered about either. The entire process is easier, and it is as hassle-free as it can get.

Freedom to choose consolidation

With direct student loan consolidation, you can get the freedom to make a decision on whether you should consolidate all the loans or only some of the loans. In case your loan interest is being paid off by the government, keep in mind that they will go on doing that even after you have the loan debts combined or consolidated already.

Easier to afford

Students like the fact that interest rates and payments for defaulted loans can be easier to afford with the help of consolidation. It is also possible for you to reduce your monthly dues by extending your repayment term. However, before you consolidate the existing loans in your name, it is essential that you look at the charges or penalties on late payment, the offers made to you and the grace period associated with the loan. These are some important things to look at if you want to get out of the hassles of multiple monthly payments.

Fixed interest rate

It can let you pay off only a fixed interest rate. Thus, your payments or financial situation will not be impacted even if your rates climb higher. Generally, increasing competition between various lending organizations means that you can get lower interest rates and additional benefits from some lenders. However, you need to be prepared to conduct some research on that end to find out companies that are more affordable. Before you go for consolidation, it is essential that you look at whether the rates are low enough. In case of federal loans, the interest rates tend to be the weighted average of all the existing loans in your name - rounded off to the nearest 1/8th of a percent.

Ability to combine your loans

If you already have a spouse, you can opt for joint debt consolidation to ensure a lower monthly payment by combining the loans for both of you. You can reduce the burden of loan debt by combining all your college loans to only one loan with a lower rate of interest.
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