Consolidating signature student loans
The loan term will be 30 years, which is likely to reduce your monthly payment amount by stretching out the loan term.
If you want a lower monthly loan payment, consolidating your student loans will likely do that for you.
If you have difficulty keeping track of all your student loans, and as a consequence, find yourself missing payments, consolidation will simply all that.
However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.
There are also seven different education loan repayment plans, which are based on the borrower’s personal financial circumstances.
Make sure you carefully research all your options, and weigh the pros and cons before taking action.
Based on your creditworthiness, lenders may offer you a reduced interest rate on your consolidated private loans. Having a single monthly payment also makes it easier to keep track of your payments.
A Direct Consolidation Loan allows you to consolidate your student loans into a single loan, with a single monthly payment.
Are you tired of making multiple student loan payments each and every month?