Frequently Asked Questions (FAQ) on Student Loan Consolidation.
Can I quality for Student Loan Consolidation?
Student Loan Consolidation was established by United States Congress to
help student loan
borrowers burdened with educational debt. Student Loan Consolidation allows you to combine
all of your eligible Federal education loans into a single new loan
at a fixed rate, typically resulting
in a
significantly lower monthly payment.
Why should I consolidate my student loans?
Student Loan Consolidation offers many benefits-even if you're currently
making your
monthly payments without any difficulty. Student Loan Consolidation makes paying
easier
with one student loan payment to one lender.
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The rate on a Federal Consolidation Loan is fixed for the life of the loan.
Federal Stafford Subsidized and Unsubsidized Loans carry variable interest rates that are adjusted annually. |
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Consolidating will help ease the pressure on your monthly budget by reducing your monthly student loan payment by 10% to 60%. |
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You can save money by using your student loan payment savings to pay off high-rate debt, such as credit cards. |
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Consolidation will help your credit scores and debt-to-income ratio, both key factors if you?re looking to purchase or refinance a home or buy a car. |
How can Loan Consolidation from Student Loan Service Center help me manage my
debt?
Student Loan Consolidation can offer you many benefits to help manage your
education debt.
Here are a few of them:
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Lower monthly payments by as much as 53%. |
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A single monthly loan payment on one bill. |
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Low, fixed interest rates. |
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No application fees or credit checks. |
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A variety of flexible payment plans that allow you to design a repayment plan that
best suits your financial needs. |
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Special borrower benefits that can lower the amount of interest paid over the life
of the loan. |
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No penalties for prepayment, so you can pay your loan off at any time. |
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A personal loan counselor who can answer your questions and help you through the
application process. |
Hmmm, it sure looks good. How can I be sure it is true and not a rip off?
Student Loan Consolidation was established by United States Congress in
the late 1980's. In 1998 the United States Congress changed the interest rate on
Student Loan Consolidations to a previously mentioned fixed rate by weighted mean
with an effective date of February 1, 1999.
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