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Simplify your life by simplifying your loans. If you have several loans, you may be able to consolidate them at a low rate, saving thousands of dollars in interest.
Student loans in particular are easy to lump into one consolidation loan. If you have a child or grandchild who is graduating, he probably has more than one loan, each with its own interest rate. By combining all the loans, he can lock in one good interest rate and make one reduced monthly payment.
And because the lump sum is stretched out over a term of 10 to 30 years, the monthly payment is smaller and more manageable. The downside is you can only consolidate once, and a longer term means more interest charges on the long run.
If you choose to consolidate your loans, see if you qualify for any discounts. Some lenders offer incentives for good customers. Ask each of your lenders what kinds of discounts are available before you decide which one should consolidate your loans.
All the best,
Timben
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