Student Loan Consolidation

1. Student loan consolidation is very costly.

Consolidation lending companies typically do not charge to apply or to setup the student loan consolidation account. Most lending companies do not charge high prices for credit counseling either. In fact, many companies offer consolidation counseling as a free service with no obligation. Experts recommend utilizing the free counseling services. Graduating students should fully understand the ramifications of non-payment on a student loan, especially a federally guaranteed one.

2. Student loan consolidation increases the number of bills a consumer pays each month.

Consolidation decreases the number of bills a student will pay a month. Consolidation pays off several other loans in full and/or credit card accounts. Many people find that wrapping their account balances into one lump sum is an efficient way to get out of debt quickly.

3. Student loan consolidation companies can reduce payments by as much as fifty percent.

Depending in the situation, many companies can save students quite a bit of money on their student loans. Many companies offer flexible repayment plans that include in-school deferment periods, or low income forbearances. Students can choose from several different loan consolidation repayment plans as their career starts and their financial situations change.

4. Student loan consolidation advisors negotiate terms with banks.

Consolidation advisors negotiate with banks to get the student borrower lower monthly payments and better interest rates. Student loan programs are designed to help borrowers pay less and get out of debt quickly. Advisors can also negotiate with banks to eliminate a borrower's late fees.

5. If there is a need, loans may be Biblically acceptable.

Deuteronomy 15:7-8 - If there is a poor man among your brothers in any of the towns of the land that the LORD your God is giving you, do not be hardhearted or tightfisted toward your poor brother. Rather be openhanded and freely lend him whatever he needs.

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