Consolidation Loans
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Consolidation Blues?
It's great to consolidate student loans as long as you don't wind up paying a higher rate. Also, while you want to lower your payment and extend the student loan, that also means you're paying a lot more in interest. The best bet is to pay off the loan early to avoid interest charges.
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Consolidation Loans Pay
A federal student consolidation loan is a practical, student debt management
tool that enables you to bundle all of the federal loans you received to finance
your college education into a single student consolidation loan.
When your federal consolidation loan is issued, your lender pays off the outstanding
balances of all the loans you put in the consolidation. In essence, you refinance
your education debts.
Smart students use the Union Plus Education Loans - provided through American
Education Services (AES) - in part because these consolidation loans carry a
unique strike assistance benefit. If you have a Union Plus Education
Loan and have been on strike for 30 days or longer, payments can be made for
you up to 60 days if your account is eligible and in good standing. For more
information, call 1-877-881-1022.
Simplify & Save
In addition to simplifying record-keeping and check-writing chores, student
loan consolidation can significantly reduce your monthly payment burden
- by up to 40 % or more!
That's because student loan consolidation allows you to stretch your repayment
period from the standard 10 years to up to 30 years, depending on the amount
of your education debts. The lower payment means you'll have more money available
to meet other household expenses, including car payments, childcare, and career-related
necessities.
Read
more about consolidation loans and the benefits of student loan consolidation.
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