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Going to college was one of the best decisions you ever made, but paying your student loan bills each month is a drag. With multiple payments and variable interest rates on older loans, your loans may be causing you financial stress. Bonesteel South Dakota student loan debt consolidation may help your finances. Read the pros and cons of consolidating and check your Free Student Loan Consolidation Quote to see if student loan consolidation is for you.

In favor of Bonesteel South Dakota Student Loan Debt Consolidation

Fixed interest rates and a single low monthly payment are the two biggest reasons why people choose to consolidate their student loans. If you have a Stafford loan, disbursed between July 1, 1998 and June 30, 2006, then your loan is subject to a variable interest rate, capped at 8.25%, that changes each July. Even if your loan was disbursed after June 30, 2006, you can save money by consolidating at a lower interest rate or by extending your loan term. Because there is no prepayment penalty, whenever you make larger payments on your loan the extra money goes to your principal, helping to pay off your loan faster. Most lenders give discounts for automatic payments and reductions to your interest rate for on-time payments over a period of 24-36 months. These discounts can add up over the life of your loan.