If you are new to student loans you may or may not have heard about student loan consolidation. The process is relatively simple and not only can save you money but eases the repayment process.
Here's how it works. Most college graduates who carry debt have borrowed from a variety of sources. This may include the Federal Government, the School, and even Private banks. As a result, they are managing multiple loans with multiple vendors.
Student loan consolidation allows you to group all of your loans with a single bank. The result is one paymenet to one institution per month versus sending multiple checks to different places. The way student loan consolidation works is that your single source provider pays off all of the loans you have outstanding and issues a new loan for you to pay them back.
Banks have save thousands by paying off your loans early - reducing interest payments and in turn issue a new loan to you where you will be paying them for the long term. This is really a win win situation because the bank makes money, you save money, and everyone gets paid!
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