Student Loan Debt Consolidation
Posted on December 16, 2006
Filed Under Banking, Education, Finance, Personal Finance, Uncategorized
Student Loan Consolidation
Student Loan Consolidation is a practical repayment management option to bundle all of the federal student loans a student has received to finance his college education into one.
When a new loan is issued to the student, the lender (bank in most cases) typically pays off the outstanding balances of the loans consolidated.
In essence, the student gets a refinance on his college education debt. However, loan consolidation isn’t only for students, either. Their parents can consolidate loans to save just as much money each month as their kids.
Refinancing can significantly reduce the monthly payment burden by stretching your repayment period from the standard 10 years to up to 30 years, depending on the amount that is owed.
If you have graduated and want to lock in the current, low rates before they change, consolidate your student loans immediately!
Tags: finance, business, credit, money, college, loan, education, consolidation, loans, debt, student, bank, financing
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