| Many lenders are offering student consolidation loan | | | | 4. 2% reduction in rate after completion of 48 months |
| rebate to the borrowers to st that they take their | | | | Here is how you can get the best student loan |
| student loan from them. These discounts are offered | | | | consolidation rate: |
| because according to 'SINGLE HOLDER RULE', | | | | 1. The rate for student loan consolidation will depend on |
| borrowers are allowed to merge their existing loans | | | | customer's credit and financial state of affairs. Do a |
| with any bank they wish to. The original lenders surely | | | | complete research and development on the rebates |
| do not want to loose their customers and so they are | | | | offered by different lenders and see which one is the |
| offering really good discounts. | | | | lowest. |
| The main features of student loan consolidation are: | | | | 2. Go for the lender who has multiple and flexible |
| · Reduced interest rates | | | | repayment options. |
| · Waiver of last 6 months installment | | | | 3. Your lender must keep the rate fixed through out |
| · Reduction in principal amount | | | | the life of the student loan. Search online and compare |
| · Flexible payment options | | | | different type of rates offered by different lenders. |
| All this rebate is offered on Stafford loans and plus | | | | 4. With a student loan consolidation, look up for the |
| loans. The most common discounts offered on student | | | | facility of increment in tenure at a later stage of the |
| loan consolidation are: | | | | loan. Check whether the bank has such scheme or |
| 1. 0.25% reduction in rate if your EMI gets debited from | | | | not. With loan consolidation, you can actually low down |
| your account directly. | | | | the installment amount by increasing the life of the loan. |
| 2. 1% waiver in default fee depending upon the | | | | 5. If there is an "in school" facility available. If so, get |
| guarantor for the loan. | | | | your loan rate freezed while you are in school only. |
| 3. Additional rebate on making timely payments. | | | | |