#consolidating student loans
Top Five Benefits of Student Loan Consolidation
One Monthly Payment- Many students enter the workforce with multiple loans, each with their own unique due date. Add in the fact that such dates rarely line up with a payday, and that s the perfect recipe for disaster. Lots of people incur late fees, not because they don t have the money, but because they missed a due date. By having one payment each month, one that can be made to fall after a payday, loan holders will be better able to make their payments without missing a beat.
Save Time on Accounting Tasks- With multiple loans comes multiple online accounts to check, payments to schedule and then check to make sure they went through correctly. If a person goes from having five accounts, which average 15 minutes a month to manage, down to just one, they can save 12 hours a year. That may not sound like a lot, but over a 20-year loan repayment period, that s a whopping 10 days saved!
Improve Credit Score- By being able to make just one payment on time every month, people are able to improve, or keep their credit score high. Additionally when one has too many lines of credit, scores tend to stay low which makes it more difficult to get an auto or home loan.
Lower Interest Rate- By consolidating several high interest loans into a lower, fixed rate one, people are able to save thousands of dollars annually. That means more money to make extra payments or use at their discretion.
Longer Repayment Length- Even with lower interest rates, some people can t afford the monthly payments and can opt for a longer repayment term. It s not uncommon for people to be approved for a 20- or 25- year plan.
Don t Wait Another Day, Consolidate Today!
To get more information on student loan consolidation, or to start the process, fill out the free, no-strings-attached form. Individuals will get information on the options which are available to them and will be matched with one of Student Consolidation Aid s trusted lending partners.