– Do you want to learn a simple way that will actually significantly reduce the amount of money you haveto pay back in student loans? If so, stay tuned to this video.
(upbeat music) Hey everyone, my name’s Raphael Collazo and welcome to the Millennial Moment.
In today’s episode, I’dlike to talk to you guys a little bit about studentloan consolidation.
Now you may be asking yourself, what is student loan consolidation and how can it really benefit me? Well, student loan consolidation is when you take the various different loans that you have and consolidate them under one big loan, essentially.
Now, the concept of student loan consolidation has only been around for the last 10 or 15 years, but essentially, what it means is that you take the various different government loans you have as part of your student loans and consolidate them into one large loan with a lower interest rate.
So, some of the benefits of actually doing this is that, instead of having to pay a little bit here, a little bit here, a little bit here, a little bit here, let’s say you have seven different loans, you can consolidate them under one loan and then just have one low monthly payment that you make over the course of however long you want the loan to be, whether five years, whether 10 years, whether 15 years.
This helps reduce the complexity of having to pay back your student loans and not only that, but a lot of loan consolidation companies out there actually offer lower interest rates than the standard government-issued loan.
Now, what I’ll do in this particular video is I’ll provide a list of five of the best loan consolidation companies out there, then you could start researching to see if it’s an option for you in order to consolidate some of your debt.
So for example, if you owe $30,000 and the average of your student loans, let’s say the average interest rate is about seven or eight percent.
Now, if you were actuallyto consolidate that loan and instead of having seven different loans that you pay every single month, you consolidate it underone simple monthly payment and consolidate into one debt and then not only that, but most times, you can actually lower thatmonthly interest payment a few percentage points.
So let’s say, now you owe$30,000 at a six percent rate.
Well, just that two percent difference between when you owed ateight percent and six percent can save you thousandsand thousands of dollars over the life of a loan.
So as an actual item atthe end of this video, I highly encourage you to start looking at some of the options out there.
Look at options such asSoFi, Earnest, LendKey, all these different companies out there want to help you payback your student loans and oftentimes, theycan give you great deals in order to do so.
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