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Law School Loan Consolidation (Legal Consolidation)

Once you have gone through the wringer of undergraduate education and law school, you expect to benefit from all that education with a fat paycheck. Right about the time you think you can celebrate your success you get hit with loan installment bills.

At this point you have to decide what way is the best for you to repay these loans. Law school loans can amount to hundreds of thousands of dollars in debt. If you try to repay this debt as individual loans you can be sure to have little left in the bank for the next 5 to 10 years. One great way to handle your debt is with law school loan consolidation programs. Such programs enable you to make small monthly payments to keep your budget in shape while repaying your law school loan debt.

Interest Facts for Law School Loan Consolidation

You may not realize it, but most federal loans have a variable rate which is not locked in until the loan is consolidated. Should you try to repay the loans without consolidating them you can face a variable monthly installment that can prove problematic when trying to keep a steady budget.

The interest rates on all federal student loans are adjusted yearly on July 1st so you can find the best law school loan consolidation program for your situation. Federal loans are capped at 8.25% so you never have to worry that your loans will exceed this rate but a change of even a quarter of a percent can mean thousands in repayment. Once you have consolidated, your loans will not be affected by the changes in federal rate.

Consolidation Benefits

• Your monthly installments will be reduced to less than half.
• You will have an extended period for repaying the loans, up to 30 years.
• There is no penalty for early repayment or making payments above the installment amount.
• Federal loans remain secured by the government so even if you opt for law school loan consolidation you will retain the benefits of deferment and forbearance.
• There are often payment incentives that involve reduction of interest rates and payments.