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To support your education a student loan is the best option available in the market. In due course of time, you find yourself making multiple payments on the loans taken and are overburdened repaying the loan amount which spoils your credit score. This article will clear all your doubts about student loan debt consolidation. It is an easy way to combine all your scattered debts under a single lender. This helps in making lower payments with a lower interest rate, and you do not have to be bothered about making payments to different lenders on different dates. Get a Free Student Loan Consolidation Quote from Bills.com.

Advantages of taking student loan debt consolidation

Consolidating your student loan means one payment instead of multiple payments to multiple lenders. This is especially wise if you have two loan accounts with similar numbers, as your lender may accidently apply your payment to the wrong account. If you have a Stafford student loan, disbursed between July 1, 1998 and June 30, 2006, you will definitely want to consider consolidating. Your variable interest rate can go as high as 8.25%, so by consolidating you can lock in the low rate that you are enjoying this year. When you consolidate all of your separate loans into one big one, your monthly payment is usually lower that the combined total on all your individual loans. In addition, some lenders give rewards to customers who make on time payments 24-36 months in a row by giving them 1-2% off their interest rate.