how does student loan consolidation work?
Query by blueyedwoman2006: how does student loan consolidation function?
I am asking yourself how student loan consolidation operates,,, when i consloidate my loans do i get a sum of money? i know i have gotten provides that say up to $ 2000 now if you consolidate. does that suggest i get $ 2000 for myself, or do they take that off the ammount of the loan.
Greatest answer:
Answer by Luke six:37
You do not get $ 2000 off, you probably just save that considerably in interest by consolidating. You are fundamentally consolidating to get a reduce fixed rate on your loan, that’s the advantage.
Add your personal solution in the comments!
Greatest Student Loan Consolidation Blog Archive Debt …: It ’s extremely critical to go bankrupt debt consolidatio… http://t.co/5FfynLyM – by JuliTepet (Juli Tepet)
Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.
The key word in your statement is ‘up to $ 2000′, if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.
And if you do get ‘up to $ 2000′, believe me, you will pay for it eventually. There’s no such thing as a free lunch (imo).