Law school loan consolidation can help lower the number of bills and monthly payments.
Once you've graduated law school, you may be looking at a staggering amount of law school loan debt. One method of beating your student loans is to do a law school loan consolidation. Essentially, a student loan consolidation will take your current loans from one or many lenders, and combine them to make one loan. This means one lower monthly payment and sometimes a lower interest rate on the whole loan. Here are three easy steps for succeeding in your law school loan consolidation.
Instructions
1. Gather all the information you can about your current lenders that hold your law school loans. Before you can determine if consolidation is right for you, you will have to see what kind of interest rates you are getting right now. For example, many law school loan consolidation companies will want to consolidate your federal loans as well as your private loans. Federal loans, subsidized and unsubsidized, usually carry significantly smaller interest rates than private loans. Beware of companies trying to package your federal debt along with private loan debt.
2. Once you have your interest rates and balances handy, look for companies that will do private law school loan consolidation. Fill out their online forms and wait for a response. Often times they can get back to you within five business days or less.
3. Consider the options that are presented. Look at how much money you will save in monthly payments or compare their interest rate with what you are currently paying. If the law school loan consolidation makes good financial sense for your current situation, then you can accept it and the consolidation company will take care of the rest. However, be certain to look at the interest rate before you finalize the contract to confirm that they are actually providing what they told you.
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