Best Choices for Low Rates on Student Loan Debt Merging

MARIETTA, Ga. - June 5, 2013 - PRLog -- Any university graduate knows how much it costs to get a diploma. He also realizes that he can save himself a great deal of money by searching for the lowest student loan consolidation rates when he’s ready to merge his loans. Credit-yogi.com is here to share its knowledge about this subject, including:

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·         Repayment Penalties

·         Fixed vs. Variable Rates

·         Check Out Rewards

·         Lenders’ Reputations

Penalties for Early Repayment

It’s very smart to search for low interest student loan consolidation. Just beware finance companies that charge steep penalties for early pay off, because it could end up costing much more in penalties than one would spend by simply consolidating his debts. Go online to the Department of Education to get a list of loan merging businesses that charge these penalties and avoid them. Be sure to read the fine print contained in the loan contract to ascertain that the lender one has chosen to combine his loans with does not charge these fees.

Variable or Fixed Interest Rates

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During the hunt for low interest rate student loan consolidation, take the time to really read and absorb what a particular lender is offering. Many financers charge fixed fees that actually result in a person paying more than he needs to. Look for loan companies that supply variable rate consolidation loans, as these will undoubtedly save a person more money than the fixed fee lender. Remember that the low end of the variable rate can save one thousands of dollars, whereas the high end of the fixed fee rate can cost him money.

Find Rewards

Once one has found the lowest student loan consolidation rates, he should check into loan companies that offer rewards. Some finance businesses offer “perks” for timely payments or auto-debit payment plans.  For example, Sallie Mae has been known to forgive a certain amount of one’s loan balance if one arranges an acceptable payment schedule. These rewards add up over time and can result in one saving thousands in the long run.

Reputation Counts

Before choosing a loan company that offers a low interest rate student loan consolidation, make certain to ignore financing businesses that approach someone out of the blue. If they are reputable, that’s a different thing. Check them out on the Better Business Bureau’s list of consolidation lenders that do this, and look for the “good” financers there, too. If there’s a financing company that one has never heard of, it’s wiser to continue searching.

Credit-yogi.com is a highly respected, no-cost website whose mission is to provide intelligent answers to consumers’ fiscal questions. For a free consultation, dial 866-964-9644.