So you’ve worked hard for 5 years and now you’re ready to get out there and make your way in the world. You’ve got a great job, maybe even a car payment or two, and of course, your student loans. As most college graduates know all too well, student loan debt is quickly becoming one of the biggest financial burdens faced by today’s young adults.
Student Loan Consolidation can make this easier for you by reducing your monthly payment and helping you get out of debt faster.
The Benefits of Student Loan Consolidation
Student loan consolidation is a great way to lower your monthly payment and gain access to additional income-driven repayment plan options and Public Service Loan Forgiveness (PSLF).
-Lower your monthly payment. When you consolidate your loans into one loan with one monthly payment, you’ll save money in the long run and have more money for other things.
-Switch to any variable-rate loans you have to a fixed interest rate. If you have multiple loans with different interest rates, consolidating them into one loan with a fixed rate will help you make payments more affordable over time. It’s also an easy way to switch out these loans if interest rates change in the future!
-Gain access to additional income-driven repayment plans and PSLF. If your current income qualifies you for an income-driven repayment plan or Federal Direct Loan Repayment Plan (FSLA), consolidating could give you access to those options as well! You’ll also be able to qualify for Public Service
Best student loan consolidation companies
RISLA Best Overall
RISLA Best Overall is considered as one of the best student loan consolidation companies out there.
Interest Rate: 4.29%+
Loan Terms: 5-15 years
Credible Best Refinancing Marketplace
Interest Rate: Varies
Loan Terms: Varies
Splash Financial Best Rates
Interest Rate: 1.74%+
Loan Terms: 5-20 years
Take away
Student loan consolidation is the process of combining different student loans into one payment. It may be the perfect solution for you if you have multiple student loans and need to consolidate them. You can choose a repayment plan that fits your budget, and you will save money on interest payments over time.
Keywords: best student loan consolidation, Student Loan Consolidation
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