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Debt Consolidation Is Great For Student Loans

It's difficult to keep up with payments from the many loans you used to fund your college education. The answer is debt consolidation. Two, three or four loans become one large sum that's easy to remember. If you're interested in student loan debt consolidation, we are your best line of defense.

In addition to making one monthly payment, you have the option to choose how you're going to pay off the debt. Besides income-based and standard, there are many student loan repayment plan selections. Because of the various interest rates per student loan, the interest rate is possibly lower. Lenders take the average interest rate of every soon-to-be-consolidated student loan, and the new interest rate is the one you pay. If the average interest rate is higher than nine percent you will pay nine percent because that's the maximum rate for interest. In closing, you deal with one interest rate instead of several.

On top of that, the interest rate is fixed. It won't change for the duration of the loan. There are no adjusted or variable rates; you can apply at any time and lock those rates in. The best idea is to wait for a period where the interest rate is at a low peak. Finally, credit scores matter but it doesn't have to be exemplary.

The main downside of consolidating student loans is longer pay periods. You pay the same rate longer than you would an average loan. For example, your loan takes 10 years to pay off. The consolidated loan will take between 15 and 20 years to pay off. The money paid per month is divided between the consolidated loans (hence taking longer to pay if off in full). It's possible that you could be paying more in interest if you choose the wrong time to consolidate. You will also loose rewards and benefits that come with student loans.

At the end of the day, you need to trust us to guide you to the right decision. We will remain honest about your options. We will make sure you get the lowest interest rates and a reduced pay period in the hopes of saving you money. For more information on debt consolidation, contact us.

Categories: Bankruptcy
  • Our Guarantee to Our Clients

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Law Offices of James C. Shields - Torrance Bankruptcy & Estate Planning Attorney
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