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Student Loan Consolidation: The Process |
Student loan consolidation allows you to lower your monthly payments by putting together multiple federal and state loans. By putting multiple loans together you can ultimately pay less interest and therefore save money. Other ways that you save money is by setting up an automatic withdrawal from your checking account each month. Consolidation therefore saves you even more money because you are offered even lower interest rates!
Repayment Options
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Consolidation lets you choose from different repayment options. We have listed a few below:
Graduated Repayment: These payments are low when you first start paying them off and continue to go further up as your loan becomes older.
Standard Repayment: Seen as a traditional way to pay off your loan, you have a certain monthly payment due costing the same each month.
Extended Repayment: These payments are often spread out for up to 30 years. They are more uncommon put may be better if you need a longer period of time to pay off your consolidated loans.
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