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The best way to ensure that you have lower payments each month is to consolidate your loan.
The general meaning of the word consolidation refers to the process of putting together or uniting.
The financial meaning of the term refers to taking multiple lines of debt or credit and consolidating them into one new payment plan. This is often considered a consolidation loan, provided to consolidate several debts into one loan with one payment.
Reasons why you should consider consolidating your debts
Federal education loans can be consolidated to allow borrowers to combine one or more of their debts into a new loan that offers some advantages.
A) One Lender Means One Monthly Payment
It is easier for borrowers to manage their debt with only one lender and one monthly payment. Borrowers using a Federal Student Loan Consolidation program will have only one lender, the US Department of Education.
B) There are Several Repayment Options
To repay their consolidation loan(s), borrowers can choose from multiple repayment plans with various term selections. These include the ICR, the IBR or PAYE. These flexible plans are designed to meet the needs of the borrowers. Under a consolidation loan, the borrower will have the option of switching from any of the repayment plans at any time. If the borrower selects either the PAYE or IBR Plan, your client will have the option of switching at a later date to the Standard Plan.
C) No Minimums or Maximums Required For Loans
Under the direct consolidation loan program, there is no minimum amount required for qualification into the program. However, we will need to make sure that the fees make sense to the particular client.
D) Reduced Monthly Payments
A consolidation loan can help to lower the borrowers overall monthly payment, which may ease the strain on the borrower’s budget. The consolidation loan might also have a lower monthly payment that the combined payments being charged on the borrowers current Federal loan debt.
The Student Loan Assistance Counsel (SLAC) is a third party provider and is not associated with any government entity including the Dept. of Education. SLAC is a private organization specializing in Document Preparation, Submission, and Tracking. We offer a free counseling session to help identify which Federal programs are available to you. Our service consists of the Preparation, Submission, and Tracking of your Federal Student Loan Consolidation Documents. Consumers are not obligated to use a third party resource and may choose to complete their own documents for student loan consolidation based on the federal programs. SLAC does not provide services for debt negotiation, debt settlement or any altering of the current debt. Our services are strictly for the assisting in the completion, submission, and tracking of federal student loan program documents.