What are the benefits of school loan consolidation?
It helps in simplifying your student loan portfolio by combining your entire educational loans under one debt. It has fixed interest rate. Moreover, it reduces the monthly payments by extending the repayment term. Allow you to make only one payment every month. • What key things should be considered regarding consolidation? One should always seek for available deferments, interest rates, repayment incentives and service levels. • Is there a minimum balance required to get a consolidation loan? Lenders do set a minimum balance amount but it varies from lender to lender. • Can private loans be consolidated with federal loans? If so, are the interest rates same? Private or alternative loans cannot be consolidated into Federal loans. • Can re-consolidation happen over the existing federal consolidation loan? You cannot re-consolidate an existing Federal Consolidation loan into another Federal Consolidation loan. You can obtain a new Federal Consolidation loan, but only in the following ins
