Useful Wells Fargo Student Loan Consolidation Tips

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People’s budgets have tightened and everyone is trying to squeeze an extra dollar out of what they make. One thing to consider is to find a way to reduce your payments for your student loans. These tips can help you change the terms of the loans that were made when you were in college.There are several benefits to consolidating student loans. It won’t immediately raise your credit score, but it will help manage the debt and allow you to make more timely payments. By consolidating the loans, you no longer will need to make multiple payments. Instead, there is just one monthly payment. That payment is usually lower than the total of your current payments. Another benefit is that a consolidation loan can often have a longer repayment time, thus resulting in a lower monthly payment. That does increase the total amount that is to be repaid. It is also possible that by transferring the loan to one lender the interest rate on that one loan could be lower.Once your loans are consolidated, some of the money that is saved by having lower monthly payments can be paid to the principle of the loan. It is much easier to pay down the principle on one loan than it is to do on several loans. This will result in a faster payoff of the loan and an increase in your credit score. Wells Fargo allows you to consolidate your loans with no prepayment penalties. If you have more than one loan, even if it is from different lenders, you can qualify for a consolidation loan from Wells Fargo.Wells Fargo offers a 0.25% interest rate reduction for automatic withdraw payments. They also have loan specialists available for help, and online help is also available. You can consolidate loans ranging from $5,000 to $100,000. There is an aggregate loan limit of $250,000. It takes from 45-60 days to complete the process once you apply, and until notified it is important to continue making payment on the loans that you are trying to consolidate.When you first entered college, you found out how expensive it was going to be. You found the money any way you could, borrowing money from several different sources. Now that college is done, most of those sources, except your parents, are asking for that money back. With these Wells Fargo student loan consolidation tips, you can make your life a lot easier and save money at the same time.