Ok, excuse the silly title but we are all getting into Thanksgiving mode and I thought I’d post something for our readers who may already have Federal loans (Stafford, PLUS, GradPLUS, Perkins) and might want to consolidate. Typical loan terms are for 10 years – so regardless of how much you have in loan volume, any unconsolidated loan must be paid off in 10 years. This means monthly payments are really high and, often, unmanageable. One payment here another payment there – it all get confusing and really takes a hit on your cash flow. The best solution to this is consolidation – think one monthly payment (which can be done online), a lower payment and great benefits. You can get up to 1.25% off if you make 36 on time payments and set up automatic payments. That’s right, you get a discount for setting up auto pay! Check out StudentLoanConsolidator.com – they have great information, an easy online application and knowledgeable customer service reps who can help make such a stressful process a breeze!
I know I mentioned your savings. If you have…
$20,000 in Stafford loans at 6.54% unconsolidated gives you a monthly payment of $228/month. Consolidate this loan and you’ll have a payment of $155/month – save $77/month – $923 A YEAR!!
Again, you’ll retain all your federal benefits, such as deferment and forebearance so if you ever experience an economic hardship or go back to school, you can put off payment.
Happy Thanksgiving Everyone!
