One of the easiest way to reduce your student loan debt is to consolidate your student loans. Student Loan Consolidation results in lower debt and smaller payments because the average interest rate after consolidation is usually lower than was before consolidation. Consolidation allows you to combine all of your eligible variable interest rate federal loans into one new fixed-rate loan with an extended repayment term. Student Loan Consolidation can potentially lower your monthly payments by up to 58%.
Student Loan Consolidation is simply the process refinancing one or a group of federal student loans at a lower interest rate. The result is money saved just as refinancing a mortgage loan at a lower interest rate would reduce monthly payments and the total amount paid. Now is a great time to consolidate student loans because interest rates are at a 39 year low!
Contact a loan professional to get help setting up the ideal student loan consolidation option for you. A professional will review your information , process your application and work with your current lenders to ensure that all your loan information is up to date and accurate. The sooner you consolidate the more you will save.