4 Tips for Consolidating Your Student Loans

Consolidating your student loans is undoubtedly at the forefront of your mind after college. Once you get the first bill from your multiple creditors, it becomes apparent that putting them all into the same loan would be helpful. With a student loan consolidation, you can also lower your monthly payment significantly. When you are just starting out in life, lower payments are very helpful. You will likely need more money for housing, a family, and all the bills that come with starting out in life. Here are a few tips for consolidating your student loans.

1. Look in Multiple Places

Do not limit yourself to one place to consolidate your student loans. There are many choices out there for you to pick from. If you limit your choices, you may be missing out on a great interest rate or great repayment terms at another lender. Check out your many options before you settle on a particular lender.

2. Look at Credit Unions

Many people do not even understand what a credit union is, let alone think about them for a student loan consolidation. However, credit unions present some of the most attractive student loan consolidation loans out there. Credit unions are non-profit entities and therefore they do not pay taxes. They traditionally offer lower interest rates on all of their loans. They save money on taxes and pass it on in the form of lower interest rates and fees. With a credit union, they will also give you a discount on the rate if you get a checking account with them and have the payment deducted out of that account. This can amount to a nice savings over the entire life of the loan. 

3. Look Online

Online sources have revolutionized the way that consumers shop. This is no different for those looking for the best rate on their student loan consolidation. With the help of the Internet, you should be able to find some great deals on student loans consolidations. In fact, there are even some sites that will get you multiple quotes for your consolidation. You fill out one quick form and the lenders come to you.

4. Look at Features

Along with shopping for the best rate, look at what the lender has to offer in the way of features and benefits. Many lenders will throw in additional perks just to earn your business. Having things like online account access can make your life a lot easier. Being able to see exactly where you stand on your student loan debt can be helpful when trying to plan for future financial needs. Make sure that you are getting the best deal out there before you commit to any particular lender. 

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