Tuesday, November 21, 2006

Student Loan Consolidation - Find the Best

Most of the students apply for student loans for further education. They promise for repayment of the loan within a certain time frame after completion of their degree.

The following paragraphs will describe about the topics, and also provides best advice on finding additional information on the subject.

When you consolidate the loan, you are generally given a longer period of time to repay than you were given with the unconsolidated debt. The time period can be up to 30 years. This means that your payment will often be lower than the total payments you would be making without consolidation. You will often have to pay more interest, though, because the length of the loan is longer. But the interest rate is generally a fixed rate, meaning it will never change throughout the entire duration of your loan. This is a huge advantage, because most of them carry a variable fixed rate that can change at any time as agreed earlier.
Many resources are available to help you find more information regarding the subject including:
  • Lending Institutions
  • Internet
  • Financial Aid offices of Learning institutions

When searching for more information it could also prove to be very helpful to contact the Department of Education (DOE). The DOE commonly offers numerous helpful resources on the subject. If you have any questions regarding student loan consolidation, the DEO can most often help you obtain the answers you need.


Loan Consolidation has many clear benefits, but before you obligate yourself by signing your name on the dotted line, you should do your research and obtain all the information you can find. In doing so, you will enable yourself to find the best solution available in the city.

Know Your Credit Score:

If your credit score is good, you should not have any problems getting a great rate. If your rating is over 660, you will automatically qualify for the best rates, and you do not have to research any more.

If your rating is under 600, you have to evaluate ways to raise it before seeking student loan consolidation. Your score is a main factor in determining the type of interest rate you may receive from the lender.

If you have good credit, they can trust that you will pay back the loan without default. Thus, they will often offer you a lower interest rate. But if your credit is not good, they will give you a higher interest rate to insure that they will receive repayment. If your credit is very poor, you may not even qualify for student loan consolidation.


Knowing your credit score is the first step in gaining student loan consolidation information. Knowledge is power. The more knowledge you have on the subject, the better chance you will have at obtaining the best rates from lenders.

Obtaining Information From the Internet

With the worldwide popularity of Internet, it has been easier to obtain the best interest rates. Educating yourself on the subject has been easier. By utilizing any search engine, you can generate vast amounts of information with just a few clicks of the mouse. There are many tools available online, to assist you in finding the best interest rates available. These tools include:

  • free credit check links
  • student loan consolidation calculators
  • interest rate estimators

Knowledge is the key in finding the best rates available. The more knowledge you have on the subject, as well as knowing your credit scores, the better your chances of getting a good interest rate.

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