The Benefits of Consolidating Student Loans

Today there are 44.2 million American graduating with student debt, with an average debt of $25,550 for public school graduates and $32,300 for private school graduates. The total amount of student debt is currently at $1.31 trillion. This reliance on student loans is largely due to college costs that outpace inflation.

College borrowers frequently have several loans held by more than one lender, with varying rates on each loan. This makes figuring out whom to pay–and when and what to pay them–a financial nightmare.

Consolidating multiple loans into one with a fixed-rate monthly payment is a wise choice for college graduates because it can decrease overall interest rates and extend the payback period to reduce monthly payments. Plus it can drastically simplify your life without having so many different bills to remember.

One thing with consolidation loans to note is the entire payback period. Extending your loans too long may increase total costs, or finding consolidation loans with high interest rates. That’s why Liberty Savings is here to help.

If you’re feeling the burden of student loans, the loan specialists at Liberty Savings can work out a loan plan that best fits your needs and budget. Call today at201-659-3900, or visit us at your nearest location to find out more.

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