Consolidation Benefits
Simple student loan consolidation comes with a host of valuable benefits. Find out what simple student loan consolidation can do for you here.
Why Consolidate
Simple student loan consolidation makes sense for anyone with student loans who would like to save money. Even if you’re not struggling to make your monthly student loan payments, you might consider simple student loan consolidation for other reasons, such as low, fixed interest rates or an extended repayment term. Here are some of the best reasons to apply for simple student loan consolidation:
- Extend your repayment period to up to 30 years
- Lower monthly payments by as much as 60% in some cases
- Apply for free
- Simple online application process with electronic signature technology
- Federal simple student loan consolidation is free with no credit checks
- Lock in fixed, low interest rates for the life of your consolidation loan
- Bundle your loans into one easy payment to one creditor each month
- Take advantage of borrower benefits to lower your interest rates even further
- Improve your credit score by lowering your debt-to-income ratio
- Take the money you save on student loans to pay off high-interest credit card debt
Simple Student Loan Consolidation: Before & After
If you’re wondering if simple student loan consolidation can really make that big of an impact on your finances, take a look at our before and after figures. The following numbers illustrate the savings you can realize in an example scenario before and after simple student loan consolidation:
Before
- Stafford Loan with 8.25% interest rate
- $20,000 total balance
- $245 monthly payment
After
- interest rate lowered to 3.5%
- payments lowered to $116/month
- $1,548 annual savings
If you have any questions regarding simple student loan consolidation we can provide some answers.