If you have made the choice that student loan consolidation is the right choice for you, then you will want to compare student loan consolidation rates before locking into a consolidation loan. If you have not looked into student loan consolidation, you will want to make certain to get informed about student loan consolidation before you start applying. There are two different types of student loan consolidations: private student loan consolidation and federal student loan consolidation. When individuals speak of comparing student loan consolidation rates, they are typically referring to private student loan consolidation. For federal student loans, you can consolidate your student loans directly through the government
If you have decided that student loan consolidation is your best option, you will want to compare student loan consolidation rates among different student loan lenders (for private student loan consolidation) to make certain you are getting the best deal. Remember that if you have federal student loans, you never want to consolidate them into a private student loan consolidation; you should always consolidate federal student loans into a federal student consolidation loan.
The main advantages of consolidating your student loans are: you could lock into lower interest rates for the remainder of your student loan term (if you have variable-rate student loans, you can consolidate them to take advantage of lower and possibly fixed interest rates), and you could possibly lower your monthly student loan payments by extending the lifetime of the student loans.
Student loan lenders will not vary extremely in what they offer for student loan consolidation, but they still must differentiate their product in order to attract borrowers. To do this, lenders can offer special discounts and services, usually involving interest rate reductions and online access. By comparing student consolidation loans to find the best discounts and rates, you can help get your student loan consolidation at the most favorable terms. The student loan consolidation companies to compare, would be any student loan lender you can find who is currently offering student loan consolidations for private student loans at this time.