By now, you know that student loan consolidation saves you more money each month by reducing your monthly payment. However, did you know that consolidating saves you additional money by beating inflation and by helping you service other debt?
Inflation
Here's how it works. Inflation is essentially the de-valuing of money. Consider these simple facts:
A car you bought in 1998 for $20,000 would cost you approximately $22,980 today.
A college tuition you paid $25,000 today would have only cost $19,508 ten years ago.
The lesson is clear: a dollar in your pocket today is worth more than a dollar in your pocket tomorrow.
That's why consolidating your student loans is so important - student loan consolidation puts more money in your pocket today, now, when it can do more for you. Every monthly payment you make is lower after you consolidate, which lets you put the savings towards other things in life.
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