Student Loan Consolidation
Are you struggling to keep you with student loan payments every month? Do you have various lenders and due dates that are causing you to get confused? Maybe a student loan consolidation could help. Student Loan Consolidation is a federal program available to borrowers through the US Department of Education. The program allows the borrower to combine all of their student loans payments into a single monthly payment. At MyDebtAdvisors.com you can fill out our request form or call us for a free evaluation today to see if you qualify.
How Exactly Does Student Loan Consolidation Work?
MyDebtAdvisors.com can help you start the student loan consolidation process. When you fill out the online application or speak to one of our representatives we will collect some general information from you such as contact info, your student loan amounts, and your student loan lenders. Soon after your application has been received a representative from MyDebtAdvisors.com will contact you to discuss your student loan consolidation options further. Because everyone has a different financial situation, this conversation with a MyDebtAdvisors.com representative is important to finding exactly what will work for you. All student loan consolidations are different depending on variables like total loan amount, family size, household income, and student loan consolidation rates. Once you select a plan MyDebtAdvisors.com will begin to prepare the student loan consolidation application that will eventually be submitted to the US Department of Education for approval. Once approved, you will receive a promissory note for your new consolidated loan as well as paperwork outlining the details of the interest rates and repayment terms.
A Few Benefits of Student Loan Consolidation
The most obvious benefit that borrowers notice after going through a student loan consolidation program is that only 1 payment is due per month. No more worrying about whether payments are going to the right lender, at the right time, and for the right amount. After consolidation you just have to focus on 1 payment going to 1 lender, 1 time every month. Another huge benefit of student loan consolidation is the various repayment options you can choose from. Here are the most popular repayment options:
- Standard Repayment Plan – This type of plan usually lasts for 10 years and involves a fixed monthly payment that is calculated using the size of your loans.
- Extended Repayment Plan – This type of plan usually lasts for 25 years and allows the borrower to choose between a fixed monthly payment and a monthly payment that gradually increases over time.
- Income Based Repayment – An income based repayment plan allows the borrower to only pay what they can afford based on their current income. This type of plan requires that the borrower provide updated income information each year.
These are just a few repayment options that student loan consolidation can offer you. If you aren’t sure which one would work best for your financial situation let MyDebtAdvisors.com help you decide. Call our toll free number or fill out our easy online application today!
Why Consider a Student Loan Consolidation Company?
You should know that student loan consolidation is a federal program through the U.S. Department of Education that anyone can apply for; however, using MyDebtAdvisors.com can take the hassle out of figuring out the complex documents, deadlines, and requirements. If you are constantly overwhelmed by your student loan payments each month and struggle just trying to keep up, give StudentDebtClear.com a call and speak to one of our representatives about your situation. We can give you our honest opinion about whether or not student loan consolidation would be a program that could work for you. If you are ready to start the process just fill out the MyDebtAdvisors.com online application to get started now!