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Consolidate College Loans – Fixed Rate Vs Adjustable Rate

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It does pay to consolidate college loans as doing so will help you save up to sixty percent on the total cost of your existing loans. This is good news, especially as many college students are currently paying more than eight percent by way of interest on their college loans. By going ahead and consolidating your college loan you will be able to half your monthly payments and also get to take advantage of lower rates of interest.In fact, only if you think about consolidating your college loans can you then succeed in locking into lower interest rates that will generally be in the range of four to five percent. Calculating how much you get to save by consolidating your loan will show you that consolidation of college loans will indeed prove to be very advantageous for you.When it comes to consolidating your college loan you will also need to decide on the type of interest rates. Here, you will need to choose between loans that come with fixed rates and those that come with flexible rates.If you choose to consolidate college loans with a fixed rate then you can at least take heart from the fact that you will know beforehand how much money you will have to repay each month. That will of course mean that you will be protected against shocks even if the interest rates rise to a level that is more than you can afford to pay.Of course, adjustable interest rate loans seem to be very attractive – at least at the time of taking the loan – but when the rates start to fluctuate you will be confronted with situations that will make you rue your decision to go with adjustable rate consolidation loans. This is why it pays to be very wary about taking a loan with an adjustable interest rate.It is in your best interests to choose a consolidation loan that has a fixed rather than fluctuating rate. If you go with an adjustable rate you will be gambling with luck because the rates can turn out to be too high for you. On the other hand, a fixed interest rate means that you can calculate beforehand how much your monthly payments are and then you can budget accordingly.Lastly, it will not pay to consolidate college loans that are almost fully paid off or if the outstanding amounts are very low. It only pays to consolidate the loan if a substantial amount is outstanding.

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