Consolidating Loans for Disadvantaged Students – LDS
Consolidating Loans for Disadvantaged Students – LDS has many benefits. It is eligible for federal student loan consolidation, which is a re-financing program allowing you to combine multiple federal student loans into a single loan. When you apply for a student loan consolidation, you don’t have to face application fees, deal with credit checks and comply with co-signers for the consolidation process to take place.
Among the top benefits of consolidating loans for disadvantaged students – LDS are as follows:
- Reduced monthly repayments since most of the loan consolidation plans have longer repayment period, which overall will lower your monthly payment. This will enable you to save on money so that you can still pay for your other important expenses such as apartment rents, food expenses and other things.
- The resulting consolidated amount has lower and fixed interest rate as compared to multiple federal student loan interest rates, which are variable each year.
- You also only have to face one bill payment every month. This eliminates the stress of getting multiple bills if you have not yet consolidated your federal student loans. Paying only one bill every month makes your financial responsibility more manageable.
- The federal loan consolidation in simple terms is just another federal loan, which combines all your outstanding balances from multiple federal student loans. This means to say that you still have your loan deferment and forbearance benefits.
- You can also help improve your credit history. In fact, it can help you build a good credit rating since you only have to be responsible to one monthly loan payment.