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Graduates: Consolidate Student Loans
By Bill Stephens
What Is It?

When you consolidate student loans, you bundle all federal student loans that you receive to finance your college education into one. When a new loan is issued, the lender pays off the outstanding balances of the loans you consolidate. In short, it is a practical repayment management option for students.
Why Consolidate Student Loans?
People consolidate student loans to lower their monthly debt. When you consolidate, your original loan amount is paid off in full in return for a new loan for the combined balances. This new loan will have a lower interest rate that is fixed for the life of the loan. Before you consolidate student loans your federal loan interest rates fluctuate with the prime rate.
Advantages
When you consolidate student loans, you could reduce your monthly payments by up to 54 percent. Other advantages

include reducing your interest rate by 1 percent after you maintain your on-time payment record for a certain period. Also, there are no pre-payment penalties on consolidated loans.
Final Say
When you consolidate student loans, it is done and there is no going back. You can consolidate student loans only once. So, be sure that you make the best financial move possible before plunging ahead. Also remember that you need to research the Internet to find the best service that can be the most beneficial for you.

Bill Stephens is a management consultant Bill Stephens Associates who shares his expertise in how to Consolidate Student Loans on his Consolidate Student Loans website

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