Benefits of consolidating your student loans dating relationships men miss women
This will help you save considerable money because more of what you pay will be going toward paying off the principal rather than just paying the interest.
Consolidating your student loans works wonders on your credit score. Your credit score will improve because you’ve paid off two or three loans in their entirety.
Since you can only consolidate your student loans once, your new interest rate is locked in, even if interest rates fall.
Your new interest rate may be higher than the interest rates your current student loans charge if the economy is strong.
Rather than spending all of your money and then some on student loan payments each month, you can instead save that cash for something fun or to invest in your future.
Consolidating your student loans involves combining student loans from a range of different loan providers into a single loan from one financial institution.Extending your repayment terms might sound great at first because you’ll have lower repayments since you’ve got more time to repay your loan.However, experts say this can cost you tens of thousands of dollars in extra interest if you only make the minimum monthly repayments.The longer your student loan extension, the more interest you’ll pay.You’ll also end up paying for college for a much longer period after extending your student loan.