Consolidate Student Loans

Written by Liza Hartung
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If your college experience was anything like mine (or that of most college kids these days), you had to take out several loans. More than likely, you are still paying them off years later. One option that you might want to think about to help with your finances is to consolidate all your student loans. Wouldn't it be nice to just get one bill a month for your education instead of two or three?

Not only does consolidating get you down to one bill, it lowers your interest rate. Imagine for a moment that you are paying interest on two or more separate loans. Each one might have a different interest rate. In order for you to save the most money, find a consolidation loan that has the same interest rate (or a better one) than the lowest one you currently have.

Currently, student loans and student consolidation loans are lower than they have been in years. It's a perfect time to consolidate and lock in one of those low rates. Make sure you get a locked interest rate. This is an interest rate that can't change as the months and years go by. If yours isn't locked, find out how high the rate can potentially go. If there is no limit, you might want to find another company.

Military Consolidation Loans

If you are on active duty in the military, it's suggested that you apply for your consolidation loan with lenders who deal solely with military personnel. These companies understand your needs better than regular lenders. In addition, they are familiar with the paperwork that goes with your application, such as your LES and your ETS.

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