Student loan consolidation helps students and parents to combine various education loans into one single loan making monthly payments and interest rates easier to manage. Loan Companies are a dime a dozen and anyone interested in getting theirs must do their research well in order to get the best loan as per their needs and avoid being scammed by any fake companies.
Some of the more familiar names in student loan consolidation are:
o Sallie Mae
o Stafford Student Loans
o Wells Fargo etc.
Some other private companies help consolidate the student loans while offering various other services. Consider the Chase consolidation program that offers federal loans. These loans are regulated by the federal government of the US and help students manage theirs by lowering the monthly loan payments drastically.
Then we have the Student Loan Consolidator that will help you consolidate the Stafford student loan into a single loan and helping you reduce the monthly payment by almost 40% while the interest rate will be locked for as low as 6%. Another consolidation company is Collegiate Solutions which focuses on refinancing law school loans and medical school loans.
Most of the companies will provide the same service at different rates and by doing the research right you can drastically reduce your monthly payments and interest rates.
The advantages of consolidation of your loan are that:
-Your monthly payments can be lowered by almost 40%
-The interest rate can be fixed rather than be variable.
-One single payment is made rather than various payments
-Flexible loan and payment terms are allowed.
Consolidating your student loan is a long term profitability program for debtors as long as you do not get taken in by fake companies.