| People's budgets have tightened and everyone is | | | | than it is to do on several loans. This will result in a |
| trying to squeeze an extra dollar out of what they | | | | faster payoff of the loan and an increase in your |
| make. One thing to consider is to find a way to | | | | credit score. Wells Fargo allows you to consolidate |
| reduce your payments for your student loans. These | | | | your loans with no prepayment penalties. If you have |
| tips can help you change the terms of the loans that | | | | more than one loan, even if it is from different |
| were made when you were in college. | | | | lenders, you can qualify for a consolidation loan from |
| There are several benefits to consolidating student | | | | Wells Fargo. |
| loans. It won't immediately raise your credit score, | | | | Wells Fargo offers a 0.25% interest rate reduction |
| but it will help manage the debt and allow you to | | | | for automatic withdraw payments. They also have |
| make more timely payments. By consolidating the | | | | loan specialists available for help, and online help is also |
| loans, you no longer will need to make multiple | | | | available. You can consolidate loans ranging from |
| payments. Instead, there is just one monthly | | | | $5,000 to $100,000. There is an aggregate loan limit |
| payment. That payment is usually lower than the | | | | of $250,000. It takes from 45-60 days to complete |
| total of your current payments. Another benefit is | | | | the process once you apply, and until notified it is |
| that a consolidation loan can often have a longer | | | | important to continue making payment on the loans |
| repayment time, thus resulting in a lower monthly | | | | that you are trying to consolidate. |
| payment. That does increase the total amount that is | | | | When you first entered college, you found out how |
| to be repaid. It is also possible that by transferring | | | | expensive it was going to be. You found the money |
| the loan to one lender the interest rate on that one | | | | any way you could, borrowing money from several |
| loan could be lower. | | | | different sources. Now that college is done, most of |
| Once your loans are consolidated, some of the | | | | those sources, except your parents, are asking for |
| money that is saved by having lower monthly | | | | that money back. With these Wells Fargo student |
| payments can be paid to the principle of the loan. It | | | | loan consolidation tips, you can make your life a lot |
| is much easier to pay down the principle on one loan | | | | easier and save money at the same time. |