Student Loan Debt Consolidation

With the economic strain we are experiencing and escalating education costs, students are finding it more and more difficult to pay off their student loans and are finding themselves in debt. Student loan debt consolidation programs are offering students the opportunity and flexibility to extend their payments anywhere from 10-30 years. When considering student loan debt consolidation, it is recommended that you consolidate Federal loans before Private loans so as to avoid losing any benefits associated with your Federal student loan.

There are several advantages to student loan debt consolidation. For example, if successful, you can reduce your monthly payments and possibly lower your interest rates while giving you the peace of mind in knowing exactly how much your monthly payment will be with payments being made to a single lender as opposed to several.

There are four different student loan debt consolidation repayment plans to consider:

1. The Standard Repayment Plan affords you a maximum of 10 years to pay off the amount owed with a fixed interest rate. Payments are calculated by dividing the loan amount by the period of time at a fixed rate.

2. The Extended Repayment Plan allows you to pay off the amount owed in 12-30 years with a fixed interest rate; however you end up paying more over time.

3. The Graduated Repayment Plan allows you to pay off the amount owed within 12-30 years, but your monthly payments will go up every two years.

4. The Income Contingent Repayment Plan allows you to pay off the amount owed over the course of 25 years and takes into consideration your family size, income and total student loan debt to determine a monthly payment plan that is affordable for you.

Financial Choice Network is committed to connecting you to the right financial provider to put you back on the road to financial freedom!