Student Loans Consolidation — 3 Tips to Save You Money

Setting up a student loans consolidation plan is a huge step and it is something that you should take very seriously. With a little due diligence, you can select and find the best choice for your situation. Not only will you save yourself a large amount of money, but you will also make your life much simpler by having only one place to actually send your payment to, instead of the multiple places you’re probably sending checks to right now.

One big problem with finding the best consolidation plan can be what’s in the details of the deal. One might think that the only thing you need to look at is the advertised interest rate being offered by the student loans consolidation company. But, there can be hidden fees in the small print which may add up significantly and quickly, if you aren’t paying attention.

So, what can you do to help ensure you get the best deal possible? The answer is not as difficult as you might think. There are three things that will help you get the best deal for you.

Take your time

Pay attention! If you’ve signed any contracts before, you’ve likely heard the person across the table say something like “this is just standard stuff.” In the world of consolidating student loans, there is no “standard stuff”. So, it’s important that you actually take the time to read over each and every section of the contract to make sure that there isn’t anything that could come back and haunt you later on.

Read the fine print

Some things you should look for, that may be in the fine print, include variable interest rates, and either yearly or monthly “membership” fees. The variable interest rate part should be simple for you to understand, but basically what it means is that the interest rate you are paying has the ability to change. So, after you sign your paperwork for your consolidation, there is a chance the interest rate could go higher, which would make your monthly payment increase. The yearly and monthly fees are also something that you should pay close attention to. Often, they tell you these are required to file your paperwork, or as some sort of set up fee, but depending on how much the fees are, they can have a serious impact on the total amount of money you spend.

Be an educated consumer

Many people think getting the lowest student loan consolidation rates is an easy task, and all they should focus on is the interest rate. As you can see, there are other factors to consider. To make matters worse, in some cases, the companies that focus on providing these kinds of loans are opportunists. Basically, they are aware of exactly how badly students want and need to get all of their student loans consolidated into one loan, and they attempt to take advantage of the situation.

Take your time, read the fine print, and be an educated consumer. If you do these things, not only will you get the lowest student loan consolidation rates, but you will get a loan that actually makes your life easier instead of making things more difficult.

Don’t make the big mistake of choosing the wrong student loan. It could cost you a lot of extra money.




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Read the fine print

Some things you should look for, that may be in the fine print, include variable interest rates, and either yearly or monthly “membership” fees. The variable interest rate part should be simple for you to understand, but basically what it means is that the interest rate you are paying has the ability to change. So, after you sign your paperwork for your consolidation, there is a chance the interest rate could go higher, which would make your monthly payment increase. The yearly and monthly fees are also something that you should pay close attention to. Often, they tell you these are required to file your paperwork, or as some sort of set up fee, but depending on how much the fees are, they can have a serious impact on the total amount of money you spend.

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