As students we incur a number of loans to fund our education. At a certain point in time our loans become seriously unmanageable both with regard to the practical formalities and repayment difficulties. This is when the concept of Loan Consolidation comes into picture. Student loan consolidation is very beneficial nowadays and quite popular too. Under loan consolidation all the loans incurred up to date are consolidated into one single liability. Now the repayment is only with regard to this newly created liability and it is simplified according to the borrower.
What are the benefits of consolidation?
Listing the benefits offered by consolidation.
* Single Loan Liability.
* Freedom from accountability to a number of lenders and answerability to a singe lender.
* No confusions on the various repayment due dates, as there is only one liability and one repayment due date.
* Lower Interest rate thereby reduced interest burden.
* The entire liability is subject to the lowest rate available in the market.
* One repayment at fixed intervals and the lowest payment that is very much affordable.
* Flexibility in repayment time schedule up to 30 years.
* Longer repayment time frames to cater to the affordable repayment option.
* Helps in building your credit score as there is hardly any chance of defaulting repayment.
* Educates us on the commitment ahead of us and time frame available to fulfill the same.
* Enables you to manage your well with the help of reduced monthly liability.
* Fixed interest rate ensures fixed liability even if there is haphazard movement in the market.
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