In Student Loan Consolidation

In August of 2013, a new bill was signed into law that lowered the interest rates on student loans. This has created an enormous opportunity for consolidation, which has led to the current trend. Prior to the passage of this law, while there was at least some incentive to consolidate, it was very situational in nature. Interest rates were higher then than they are now, under the protection of the new law, so the potential for savings was nowhere near what it is today.

It’s Vital To Get Advice
If You Have More Than One Loan

These days, if you have two or more loans that you took out in your pursuit of a college education, you should at least talk to a loan consolidation adviser to find out what kind of savings you could see by consolidating them into a single payment.

Why Now Is A Great Time To Consolidate

With interest rates near historic lows, there’s never been a better time to consolidate. Understand though, that the government only allows you a single consolidation, so if you consolidate at a new rate of, say 6 percent, and later on, the rate drops to half that, you’re out of luck. The good news here though, is that with rates as low as they are, you’re not likely to run into this problem if you forge ahead now.

The only time you may not want to consider this option is if your outstanding loan balance is quite small. In these cases, you’re better off to either stay the course, or find a low rate personal loan to pay off the balance of your loan.

Lower Rates Are for You Too

The Obama administration has promised other steps in the future to help make college more affordable. That’s too late to help you, but you can take advantage of this program, and the lower rates it has made available.

So talk to us today and find out just
how much you could be saving.

Source

http://www.nbcnews.com/business/consumer/obama-signs-student-loan-bill-lowering-interest-rates-f6C10887330