I consolidated my school loans during my 4th year of college. I still had one year of school left after that. So now I have two loan payments that equal $200 a month. I just started paying them three months ago…is there any way I can get the payments lower than that?
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Student consolidation loan involves converting the loans taken by the students or parents into a single big loan from one lender. They are available as FFELP, FISL, Perkins, HEAL, Health Professional Student Loans, NSL, Guaranteed Student Loans and Direct loans. Few of the lenders let you consolidate these loans as private loans.
You pay lower monthly installments since the duration of these loans is more than 10 years. Usually, these loans last for 12-30 years according to the amount borrowed. This is an easier way for you to repay the loan without having to face financial crunch. However, you pay more interest as the loan period is more.
http://pay-your-debts.com/category/Student-Loan-Consolidation.html