Most people who attend college end up having college loans. Maybe its time to consolidate school loans? With a consolidation loan you can lower your interest rate and combine your payments into just one or two payments.
Why should you consolidate school loans? Lower interest rate. Your monthly payments will be lower than what they currently are now. This will save you a lot of money in the long term.
Federal School Loans should be consolidated separately from private loans. You will end up getting a much lower interest rate. Monthly payments may be reduced up to 53%. Finances will be simplified with just one federal payment each month. Repayment will be spread out over a longer period of time and and monthly payments will be lower.
Who's Eligible for a Federal Consolidation School Loan? If you have over $20,000 in federal loans, are NOT in default, you will probably qualify. Best of all, you don't have to be employed to consolidate, you don't need a co-signer, and you don't need any collateral.
If are going to consolidate school loans (both federal and private). Consider consolidating your federal loans first. Having less open lines of credit will boost your credit score and help you to get a better rate on your private loans.