title:Consolidate author:Joanne Poll source_url:http://www.articlecity.com/articles/business_and_finance/article_3353.shtml date_saved:2007-07-25 12:30:06 category:business_and_finance article:

Consolidate your loans

If you have federal student loans it is more than likely you
are receiving letters and email that are warning you it is
time to consolidate your loans in order to pay less interest
over the life of your loan and have smaller monthly
payments. However, people are still wondering if they should
consolidate or not. Here are some of the reasons why.

If you are currently enrolled in school and have federal
student loans then you should act now and have them
consolidated regardless of the fact that you may need to
take out loans in the future. This is the first time in
history that current students are able to consolidate their
loans, so if you have federal loans do not wait. Your
current loans will be consolidated and the low interest
rates will be locked in for the life of those loans. Your
future loans will not have this opportunity, so lock in the
discount on the ones you have while you can.

Also, if you are a recent graduate or have been paying high
monthly payments for a while and are looking for some
relief, then go ahead and consolidate your loans in order to
have a lower monthly payment and less interest to pay. In
reality, by consolidating your loans you lock in a low
interest payment and save yourself thousands of dollars over
the life of the loan due to interest increases and
fluctuations. While interest rates are sure to increase, it
is not a good bet that they will decrease again to the
current rate.

Most people simply want to know whether they should or
should not consolidate their student loans. There is not a
clear cut answer, but if you are interested in saving
yourself a significant amount of money then you will
consolidate your loans immediately. This is really the best
option and it will help make repaying your loans less of a
financial burden.

Also, when you apply for consolidation a credit check will
not be conducted so you do not need to worry about being
denied because you have less than perfect credit.
Consolidation is available to anyone with federal student
loans regardless of credit status.

However, do not wait. Go ahead and get online today in order
to consolidate your loans and save yourself thousands and
thousands of dollars.

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