Facts about consolidating student loans
You can get your free annual credit report from each of the three major credit reporting agencies — Trans Union, Equifax and Experian.And, Credit.com’s free credit report summary can help you understand what’s inside your credit report.When you consolidate your student loans, you combine several student loans with different interest rates into a single loan with a single interest rate. Not only can you save on interest, you’ll also simplify your student loan payments.That means no more calendar reminders for all those different lenders!While issues of personal responsibility are debated, there's no question the high price of higher education is creating an ocean of student loan debt for people who can least afford it.How are the 70 million Americans with student debt frustrating America's economic recovery?In some cases, when you apply for a student loan of a specific type, your credit report or score may not even be a factor.
It is for this reason that you should conduct full research on the all the options you may have.
According to the Department of Education, the average amount of undergraduate student debt in this country is now more than ,000.
Although your loan servicer will generally notify you of the date your first payment will be due, you can get in touch with the lender through the contact information on your Master Promissory Note.
Students depend on multiple loans to cover their academic expenses.
However, as interest rates continue to increase on a daily basis, you find yourself in a financial burden.