Student loan consolidation-get the best deal

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A lot of students end their education with 5 or 6 different lines of credit running. If those loans have a student grace period, then in 6 months, you'll have to start making the repayments. So it is at this point that you may want to consider getting a consolidation loan in order to simplify the payments and reduce the overall amount of interest you're going to pay. Finding a student loan consolidation plan
  1. Look for a loan with a cheap interest rate. Your differing existing credit sources probably all have different rates but when consolidating, you'll want them to be overall as cheap as possible.
  2. Make sure that the repayment schedule is one that you can easily sustain. Don't tie yourself into a shorter term that has large repayments. It's better to get the loan over a longer term and be sure you can afford the repayments each month.
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  3. If possible, find a lender who is prepared to allow you to make extra payments in case you should ever need to then miss a month or two.
  4. Try to get a fixed repayment term so that your payments won't alter with the interest rate.
  5. Try not to default on a payment - unless you've agreed it as part of the plan with the lender - as this can damage your credit file and make it harder to get credit in the future.
Whilst it may suit you best to consolidate, there are many companies who are not very reputable and may have many ways of getting more money out of you during the term of the loan. For this reason, you should be vigilant to the fine print before you take out such a loan.
 

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Here are a few things to watch out for:
  1. Many people apply for the loan online which is fine but you should be able to reach the company in some other way. For example, if the company is run entirely online and they try to contact you by email after the agreement, if the email is sent back undeliverable to the lender, they can take this as a sign of default.
Some companies wrongly advertise certain ‘benefits' as their own special offers when they are in fact required by law, so don't be taken in by this misleading form of advertising. For instance, if you are still within your grace period, they are legally required to give fixed interest rates, no fees, no credit checks ans no prepayment penalties. Their interest rates should be 0. 6% lower than standard if you consolidate within your grace period.
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