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Consolidate your loans
by Joanne Poll
http://www.yconsolidate.com

Whether you are still in school, a recent graduate, or have
been paying your student loans back for years, you should
consider consolidating your student loans immediately in
order to lock in the current low interest rates for the life
of your student loans. Not only will you have a low interest
rate, but you will also lower your monthly payment.

So, if you are currently in school you should go ahead and
consolidate your student loans because rates will be
increasing this summer by several percentage points. IF you
consolidate now you will be able to lock in the low
percentage rates for the life of the loan. While this might
not have been the best option a few years ago, it is now
because of the scheduled increase. However, if you will be
receiving more loans because you will be in school for some
time then only your current loans will be able to be
consolidated with the current low rates.

If you are a recent graduate do not waste your entire six
month grace period considering whether you should or should
not consolidate your loans. Simply do it because you will be
doing yourself the biggest favor ever. Not only will you
reduce your monthly payment by as much as several hundred
dollars, but you will also be saving yourself many thousands
of dollars in interest over the life of the loan. If these
are not worthy reasons to consolidate, then there are not
any. Interest rates are guaranteed to increase and are
scheduled to rise by at least two percentage points this
summer. So, if you have not already done so start the
consolidation application process immediately. You will
thank yourself every year when the percentage points rise
yet again. Lock in the low interest rates and enjoy making
low payments on your loan.

Despite all of the benefits of saving significant amounts of
money over the life of federal student loan payback, many
students and their families are wary about consolidation and
are not sure if it is the best plan or not. OF course, the
government prefers you not consolidate because this means
you will be paying higher interest rates on your loans every
year for possibly thirty years. If you are curious about
whether to consolidate or not, sit down and do some fast
research and you will realize that you really have no other
choice unless you just enjoy spending money you do not have
to.

Another reason to consolidate your loans is that there is no
credit check conducted. If you have outstanding federal
loans then you simply apply to have them consolidated, fill
out the paperwork and then enjoy paying the lower monthly
payments as well as the fact that your interest rates will
not move any higher because they are fixed. This is
certainly a lot more comforting than watching the interest
rates move higher every year.

The best thing you can do is consolidate your loans
immediately. The longer you wait means you are risking rate
increases and higher monthly payments due to interest rates.

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