4 Important Facts About Student Loan Consolidation

So here are 4 important facts you should know about consolidating student loans.

Fact 1: Same Interest Rates For Everyone At The Start All federal student loan consolidation rates must start with the same rates that are suggested by Congress every year. Student loan consolidation companies are required to give everyone the same federal rates

Fact 2: You Save Money On The Benefits If it’s your first time consolidating your loan then the real savings are in the benefits and discounts of signing up. Standard benefit: 0.25% off your rate for using automatic checking account withdrawal. Standard benefit: 0.6% off your repayment rate if you consolidate in your grace period. Extra benefit: if you have more than $20,000 in federal student loans, 1.0% off after your first 36 on time payments.

Fact 3: Read The Fine Print Before You Sign Anything! Some loan companies will give you a list of borrower’s benefits for signing up with them.