Getting Help From Your Student Loan Consolidation Center

Getting help from your student loan consolidation center is a key requirement when applying for loans, deferments or student loan cancellations.  The loan process can become more clear and the center should direct you to the appropriate forms.  If you decide to consolidate your student loans, there are many services your loan consolidation center can offer. From help with paperwork to explaining the consolidation process, these centers can give you the help you need to make your consolidation as smooth and transparent as possible.

The Loan Consolidation Process

Whether you consolidate through a bank or a private lender, your student loan consolidation center will take your student loans and restructure them into one larger loan. This means that you will make one monthly payment instead of several, and it can save you money in the long run.  Consolidation can also help you pay off your debt faster. This is the main service your consolidation center will offer.

Paperwork

There are quite a few forms to fill out before you begin the consolidation process. This can be daunting, but the consolidation center will provide you with these forms and should offer you help in filling them out. You will need to fill out an application form and probably sign a promissory note affirming in a written statement your intention to repay the loan in full. If you have any questions about the paperwork itself or about the terms they contain, the representative you are working with at the consolidation center will help you. Don't be afraid to ask questions.

Other Services

Interest rates tend to change every few years. Your loan consolidation center will have information on current interest rates. This is very important knowledge because it will affect the monthly payment amount.  Some student loan consolidation centers also offer credit counseling, a service whereby a counselor will help you understand your financial situation and suggest the best ways of dealing with it. Credit counselors can help you set a monthly budget for yourself, deal with creditors, keep records and make solid financial decisions for the future.

What You Need to Bring

When you first visit your student loan consolidation center, you should bring all the information you have regarding your current student loans. Be prepared to provide information on your finances, including tuition, other debts and income. Also, make sure you bring a valid I.D., paystubs (if applicable) and bank statements.  It's also a good idea to bring a list of any questions you have regarding the consolidation process; you may have a lot of questions and a list will help you remember them all.

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