Fixed Interest Rates - This is when the amount that you pay back does not fluctuate during the time that it takes to pay it back. In simple terms it means that your student debt will always have regular payments that are exactly the same unless you choose to change the payment schedule. This is great because the power is in your hands. The opposite to this is variable interest rates which are used mostly on credit cards. These can change depending on things like the United States Treasury and are pretty unreilable because they can change at any moment. If you decide consolidation is for you then you will avoid this pain and get the pleasure of fixed interest rates.
2 Month No Payments - This is when you decide to consolidate and you get your debts paid off and you get given a 2 month period where you do not have to pay back any of your debts towards your student loan. This can be helpful for a variety of reasons. Some include:
- Sort yourself out financially - If you are thinking about consolidating your student loans then it is likely that you are trying to arrange yourself at the moment so you are at a financial level acceptable to you. This time can be great to get some money together for savings or set yourself a future budget.
- Peace Of Mind - After having creditors chasing you around for god knows how long with annoying phone calls and emails it can be great to just get away from it all sometimes. You can have 2 months of no calls and financial peace. Imagine the stress that that would take off your shoulders knowing that you could take care of it and that you do not even have to worry about your best student loan consolidation anymore.
