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Top Ten Reasons For Consolidating Your Student Loans
By Mike Philips
From saving money to improving your credit score, there are many benefits to consolidating student loans. Here are the top ten reasons why you should streamline these debts.

1. Lock in a low interest rate.
By consolidating your Federal student loans before June 30th of this year, you can take advantage of the current low interest rate of 4.7 percent. As well, you will secure this interest rate for the life of the loan, so you won’t have to worry about a rate increase.

2. Peace of mind.
Have you had sleepless nights worrying about whether or not you can afford to pay your bills? By consolidating your student loans, you can save up to 60% on monthly payments.

3. Improve your credit score.
When you consolidate, the new lender will pay off your existing student loans. This process of loan payment, along with reducing the number of outstanding loans will improve your credit score. And, don’t worry if you don’t currently have stellar credit. Because your loans are guaranteed by the U.S. government, your credit score won’t be checked as part of the application process.

4. Streamline your payments.
Have you racked up multiple loans with varying amounts over the course of your time in school? It can be confusing to keep track of all of the bills. When you consolidate, you will simplify your life by only having to pay one amount to one lender.

5. Auto-pay.
To further simplify your bill paying, sign up for auto-pay at the time of the consolidation,

and you can save yourself the cost of a stamp and the time it takes to write a check. The lender will simply deduct the amount from your bank account on a regular schedule. Most lenders provide a discount for borrowers who sign up for auto-pay.

6. “On Time” payment discount.
Like auto-pay, lenders reward borrowers with an interest rate discount for paying on time for a certain period (usually 36 months). Make sure to ask your lender about discounts when you apply for a loan consolidation.

7. Forbear or defer.
Once you have consolidated, you will retain these Federal borrowing privileges.

8. Help your parents.
Did your parents borrow money to help pay for your education? They, too, can consolidate their PLUS loans and lock in the current interest rate.

9. Get out of default status.
You can stop the harassing phone calls or wage garnishments by consolidating loans that are in default and get back on track with your financial status.

10. Financial Savvy.
Maybe you weren’t a straight “A” student, but everyone will think that you’re a financial genius when you tell them what you are saving on your new consolidated loan.

Mike O'Brien offers advice and information about debt consolodation This is a quality web site with a choice of student loan consolidation advice and information at your fingertips!

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