student loan consolidation » Simple Kind Of Life

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I have friends who are still paying on their student loans. After 10 years, they are still paying on them. Eeek! I don’t know why more people don’t check into student loan consolidation with StudentLoanConsolidator.com - they can cut their monthly payment in half usually, just by consolidating a lot of payments into one payment. When you do that, you usually pay a much lower interest rate on your ONE payment, then you were making on all of the multiple payments. Not to mention the hassle of paying several bills throughout the month…when you can just pay one and be done with it. And - consolidation loan interest is federal income tax deductible!

Maybe you think the process of consolidating is too time consuming and a big hassle? It’s not…you just apply (and you can do that online!) and once your application is received, it’s checked for compliance with the Higher Education Act. They’ll request a payoff amount from your loans to verify exactly what you owe. Continue making payments on your existing loans! Once they know how much you owe, a new new federal consolidation loan is opened in your name. At that time, they pay off your existing loans, in full. Your credit rating will be helped in this step - it shows that you have successfully paid off all your existing student loans, which reduces the number of loans you owe, and shows you successfully paid off a series of debts, both of which increase your credit score. You’ll get your loan docs and payment information to begin making your new, consolidated loan payment.

So what are you waiting for??

This entry was posted on Thursday, August 31st, 2006 at 2:05 pm and is filed under Daily Happenings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.