It is important to know a student loan consolidation before students apply for the loan in a loan company. A student loan consolidation loan, also known as school loan consolidation, is a refinancing program where you the borrower transform all your student loans into one loan with a fixed rate, one monthly loan payment and one lender!
Consolidation gives you the opportunity to reduce the size of your monthly payment by extending the standard 10-year repayment plan to 15 to 30 years. When combined with low Federally-mandated interest rates, student loan consolidation enables you to pay less per month, improving your cash flow.
Extending the loan for that length of time may actually increase your overall repayment amount over time. However, depending upon the determined fixed interest rate, the amount of loan balances outstanding and the monthly amount you choose to pay, your actual student loan repayment costs may be reduced with consolidation!
More information: studentbenefitservices.com
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