Myths and Facts of Student Loan Consolidation: Part 1

If you’ve got student loans, then please pay close attention! You’re about to learn a lot of valuable information about student loan consolidation that, if acted upon, could put a lot of money back in your pocket after college.

Myth: Consolidation of student loans is just too complicated to invest time in!
Fact: While it may seem complicated or time consuming, the process of consolidating Federal student loans is rather simple and the rewards are bountiful. In fact, the process has been made easier than ever by student loan companies who will do all the work for you. They will walk you through the entire process and even help you pick out the repayment package that’s best for you. Student loan consolidation can transform your loans into one, simple, manageable repayment package that’ll make paying back your student loans easier than you can imagine.

Myth: If I have a single lender, I have been told I can not consolidate.
Fact: No longer true! In June, 2006, the single lender rule was repealed by Congress and President Bush. In fact, a student loan company, OneSimpleLoan, filed a lawsuit challenging the Department of Education in June 2006. That effort was a catalyst in overturning the single lender law!

As a result, you now have the freedom of choice to consolidate your student loans with anyone you choose, regardless of who your original lender is. Make sure you choose a company that has your best interests at heart all the time.

Myth: If I consolidate my loans, I must extend the terms of my loan.
Fact: Not true. You can, indeed, maintain the exact same terms and monthly repayment amount as your original student loans. (This is a good idea, since you may be able to pay off your consolidated loan even faster!)

For more informaiton on student loan consolidation, visit http://www.onesimpleloan.com/loan_consolidation.asp