Top Reasons to Consolidate

There are really three top reasons to consolidate your student loans. The first is that the very act of consolidation is going to make life easier. Most of us end up with a series of different loans, all at different rates, with different payment dates, with the checks having to be sent off to different places. Life would simply be so much easier if we could simply bundle them all up into one great big loan with one monthly payment. That’s exactly what consolidation does.

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The second of our top reasons to consolidate is that it extends some or all of the deferments that you are able to get. Not having to make payments while on a low income, or for some time after you have finished studying, can really help cash-strapped graduates. All of these deferments can be re-applied for when you consolidate, so you may be able to defer payments for some time. Of course this means that it will take you longer to pay off the loan, but that might be worthwhile.

The third of our top reasons to consolidate is that you will be exchanging variable rate debt for fixed rate. Many of the different student loan schemes charge interest at an adjustable rate. However, when you consolidate them this is transferred into a loan based on a fixed interest rate. So if interest rates rise in the future (which they are highly likely to do) those who do not consolidate will be faced with higher payments. Those who do consolidate will not. 

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