3 Reasons You Must Consolidate Your Student Loans

If you have the student loans, you may want to consider consolidating them! Student loan consolidators will lump all your student loans into one loan, and gives you a low fixed rate. And it's a good suggestion to do it now because:

You can get a lower rate
In recent years, rates have been low. Each year, student loan rates change on 1 July. This year that date, rates will rise. In fact, the most common type of student loan rate will rise from 5.3% to 7.14%. But if you consolidate your loans, the rate is locked for life, so always be lower by 5.3%, no matter how long you'll be ready! By choosing to consolidate their loans now, you're sure to have a low rate for the loan.

You can get an even lower rate
Today, many companies offer student loan benefits for customers. For example, you can get a lower rate if you choose to have their payments electronically deducted from your checking account each month. And you can also get a lower rate after making regular payments on time for a period of time, say a year or three months. Taking advantage of these offers to consolidate your loans, you can make the student loan interest rates lower by 0.5% or more!

NEED TO MAKE PAYMENTS
If you have borrowed student loans more - say, for different school years - chances are you pay more bills each month. By consolidating now, all your loans are packaged into a huge loan, which means you only have one bill to pay each month. If you want to help organize and manage your finances, trimming down the number of invoices you want to pay can help you get better control of your funds. Here is a list of recommended lenders student loan consolidation online. It is important to use a reputable lender online to secure your personal information is safe.

Consolidating student loans are a great idea if you are paying a higher interest rate than is offered. Keep in mind you can only consolidate loans twice in a lifetime, so make sure you have a lot before signing on the conclusion.