Sunday, December 21, 2008

Student Loan Consolidation Options

Does credit card debt and other bills take up too much of your monthly budget? Consolidating your loans can bring your monthly payments back to earth. Just take advantage of the payment-reducing opportunities of . The benefits are many and the costs are few.


Loan consolidation allows you to roll the balances on high-interest credit cards or other big bills into one manageable monthly payment. This means that you won’t have to worry about sending multiple checks to multiple companies. Instead, you make a single payment (which is often reduced), freeing up extra cash each month.

How you can consolidation your student loan

1. Research student loan consolidation companies online
2. Let the company know which bills, loans, and credit card debt you’d like to consolidate
3. Pay off your outstanding debts
4. Take on a consolidated student loan that requires only a single payment

Other benefits of consolidating your loans include keeping your monthly payments the same. With loan consolidation, you never need to worry that your monthly costs will rise. Paying off a student loan through consolidation is having a fixed mortgage.

Another great benefit is that you may also save money on your income taxes because the interest on your consolidated student loan may be deductible. However, you'll need to consult a tax adviser to make sure.


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