Consolidating student loans is simple, easy, and quick. You'll wonder why you didn't do it sooner. Here are the major benefits you enjoy when you consolidate:
o Simplify your life. After combining your student loans together, you'll have just one loan, one interest rate, one payment and one lender. If you're a busy adult like most of us, this is a valuable benefit. You'll save time and the stress of paying two or more payments each month.
o Save money over the life of your loan. The amount of money that you will save will depend on your choice of a lender, and the amount of student debt you currently have. Many lenders have incentives in the form of a small interest rate reduction for paying your payment by automatic debit from your checking account or credit/debit card monthly. Others offer lower interest rates after a certain number of on-time payments have been made. Every little bit counts. Just a small reduction in the interest you are paying can result in significant savings over the life of the loan.
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o No credit check required. Did you know that you don't even have to undergo one of those bothersome credit checks to qualify for a consolidated student loan? Well, you don't. How's that for easy qualifying?
o Improve your credit rating. Is this really possible? Yup, it really is. When consolidating student loans, your old loans are paid off and your credit report will show only one new loan open. Creditors usually rate one open loan at a higher rate than a few open loans, so you will be rated as more credit-worthy and your FICO score will rise within a few months as long as you keep your payment current. This will raise your credit score and improve your chances of qualifying for new credit when it comes time to buy a car or a home. There are only a few ways to improve your credit score quickly, and consolidating student loans is one of them.
o Lower your monthly payment. Depending on your lender, you may be able to get a lower interest rate going into the consolidation loan. With that drop in interest along with discounted interest rates for on-time payments, etc., you will most likely have a lower monthly payment on your student loan. Could you use extra money each month? What a silly question! Of course you could. Consolidating student loans will free up some cash for you every month. And I'll bet you can find a lot of uses for that extra cash!
o Safeguard your future. With a lower monthly payment and extra cash each month, it should be much easier for you to stay current on your student loan payment. Now you won't be in danger of being disqualified from future Pell Grants for higher education if you need them. You also won't risk falling behind on a federal debt which can bring out the IRS forces and other methods of collection that the government uses. You can be assured that your financial future is secure, and you can focus your energies on building your assets and cash reserves.
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