Consolidate Private Student Loans Is Not The Best Option

The decision to consolidate private student loans may seem like a no-brainer for anyone with several loans and different interest rates on each. But before you rush out to consolidate private student loans and sign up with a consolidation service, here are three reasons why it may not be a good idea:

1. Fees: Most consolidation services will assess some form of refinancing fee that can run into the hundreds of dollars. Plus, watch out for companies promising low rates that may turn out to be “introductory offers” that may go up in a few months!

2. May Extend Repayment Time: If you had just paid off the smaller student loans in the best repayment order, you could possibly have saved yourself thousands in interest charges and paid them all off sooner. Plus, when you consolidate private student loans, these programs will actually increase the repayment time of your debt because the terms start fresh from the consolidation date.

3. May Increase The Amount You Pay in Interest Charges: When you consolidate private student loans some may have shorter repayment terms than your new consolidation pay-off date so you are paying more in interest charges by extending the terms of some debts. Plus, watch out for consolidation loans with variable interest rates that can transform a good idea into a real nightmare when rates go up!

Repaying Student Loans In Shortest Time Possible Is ALWAYS Best!

The quicker you pay off ANY debt—the less money you have to pay in interest charges. Now you may think this is impossible given your current income and expenses. But there is a way to repay your student loan and eliminate all debts using your existing income and without borrowing more money: The Money Merge Account™ program.

The Money Merge Account system helps you organize your finances by centralizing your income and debts in one account linked to sophisticated debt reduction software. The Money Merge Account system will determine the best “repayment order” of your debts that will eliminate them all in the shortest time possible and least expense (remember, you still have all those credit cards to pay off too!).

Many assume that simply paying off the debts with the lowest balance, highest interest rates, etc is the way to go. However, determining the repayment order requires a lot of complex calculations and the more bills you have the more complicated the repayment order! Having just 5 bills means you have 120 options for repayment order and the Money Merge Account debt elimination system will determine the best repayment order for you and your particular circumstances.

Repaying Your Student Loan With the Bank’s Money

After the software has determined the fastest route to student loan payoff, it will then prompt you when to make payments and in what amounts. The Money Merge Account program is designed to determine the best times and payment amounts to maximize interest cancellation and the amount paid towards your principle debt. To help you maximize interest cancellation and get out of debt in the shortest time possible using existing income, you will need a savings account.

The savings account is used to help you accumulate interest to make strategic “lump sum” payments that help eliminate your debt balance faster. A home equity line of credit, business line of credit, or personal line of credit are all examples of ALOC’s that can also be used with the Money Merge Account debt relief system to eliminate debts sooner.

Don’t worry—this accelerated debt reduction system will not force you deeper into debt because it will prompt you when to pay off the ALOC within the grace period if you use one. This way is another way you can use the bank’s money to help you eliminate debt in the shortest time possible!

In fact, you may pay most of your bills using your ALOC each month because the Money Merge Account program will encourage you to keep the maximum amount of money in your savings account to maximize interest accumulation. The Money Merge Account accelerated debt reduction software prompts you when to move money between your checking and savings accounts and how best to use the ALOC each month—but you are always in control of your finances and have the final say on any payment or transfer.

Whatever your income, debt burden, or cash left over after expenses—the Money Merge Account debt elimination suite is designed to help you get out of debt in the shortest time possible. You can track your repayment progress and see how each and every payment affects the pay-off date for your debt. Plus, the software adapts as your income and expenses change so you always have the most up-to-date pay-off date based upon your current financial situation.

Why consolidate private student loans and possibly prolong the time and money necessary to pay them off when you can eliminate those debts in a fraction of the time using the innovative Money Merge Account system!

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