Rating: +0

The three main benefits of loan consolidation are:

1. Fixes your rates. Takes the variable rate and fixes the rate for the life of the loan.

2. Combines all of your payments into 1 usually meaning you only have to cut one check a month as opposed to multiple checks for multiple lenders.

3. Reduces your monthly payment as much as 60%. This program does this by extending your repayment terms dependent on your loan balance. No prepayment penalties so you can always repay and whatever you pay above and beyond your monthly payment, will be applied directly towards the principle of your balance, cutting the balance down immediately.

The schedule of payment terms is as follows:
10-20k=15 years
20-40k=20 years
40-60k=25 years
60k+=30 years