Consolidate Student Loans

2007-04-27 07:29:02

( Financial )



Consolidate your student loans. Find out if you are entitled to consolidate your student loans and minimize your financial obligations.

When are you entitled to student loan consolidation? First, you must have at least ten thousand dollars worth of federal student loan consolidation. Second, there is no need for you to be employed to be able to consolidate student loans. Third, you do not even need to present collateral to refinance student loans. Fourth, do not worry yourself about having to find a cosigner for your student loans.

In consolidating student loans, the interest rate will be determined based on the average of your existing loans which you wish to consolidate. One attractive thing when your consolidate student loans is that the interest rate remains fixed. If you consult a loan calculator, you might even end up with a lower interest rate than what was estimated.

This may especially happen if you consolidate student loans within the period set by the loan specialists and by doing so, your interest rate will be calculated based on in-school rates.

However, it will take some time to consolidate student loans. It may take about a month or two to consolidate student loans. During this period, you might have paid a portion of your loans or you might have changed your loan status. It is then advisable to take into consideration that when you consolidate student loans, what you owe and what type of loan you have will be weighed in determining your interest rate.

Being able to consolidate student loans not only helps you reorganize your financial obligations, it also paves the way for your future loans which include private loans, credit card loans, car loans, and etc. Because of the possibility of improving your credit rating when you consolidate student loans, you will not have much difficulty in procuring other loans.


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