During economy crisis, student loans can be an extremely heavy weight on the shoulders of those unemployed graduates. Finding a way to solve this financial difficulty is stressful. Debt consolidation is one of the solutions when you have a few student loans with you. Here is a step by step approach to guide you to consolidate your student loan easily.
First of all, you have to understand what the purpose is to consolidate your loans. Consolidation is the process of gathering all your loans and making them into one total loan. The interest rate for the loan consolidation is based on the weighted average of all the interest rates of different loans. It means after consolidating your debts, you will only make your repayment ONCE a month based on ONE interest rate which is always much lower than your current interest rates.
Now, start making preparation to consolidate your debts. List down the following:
The amount of each of your study loans
The interest rates of each loan
Your current outstanding balances
Your current loan account numbers & names of your lenders
Then, you can start calculating the loan consolidation rate on your own based on the weighted average of all interest rates. You may not good at mathematics. Don't worry, search in the internet to look for bank loan calculator to get an estimate figure.
Next, you need to "shop" around to look for your new lender that can offer you the best debt consolidation rate. You can call or visit the banks personally to get more details about the interest rates and loan repayment periods from the loan officers. It is important for you to include all your prior student debts in order for them to quote you the accurate rates. You are then able to compare the different packages one by one to make your decision.
You can then submit your application form to your preferred lender. You can complete your application either through online or by sending the form by post. All the student loans are monitored strictly by the Federal Government. So you are reminded to fill up all your particulars sincerely. You need to attach the information of all your lenders to the bank.
The final step is signing the terms and promissory note. Once you have signed it, your new lender will settle all your study debts with your previous lenders. You don't need to contact them on your own to inform.
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