Advise choosing consolidation company

[adoctortobe]

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Trying to decide between two companies

ECL .5% auto debit 1.25% interest rate reduction after 24 months benefits are lost with one late payment,but reinstated after 12 months of on-time payment

scholarpoint .5% auto debit and 1% interest rate reduction after 24 months. Benefits are permanent

which one sounds like the better deal? Difference between the two are not much if loan is paid off within 10 years. However, in 30 years repayment the difference is substantial .

 

[okbye]

Don't overestimate your ability to make every single payment on time, it's harder than it seems. Only 10-20% of borrowers receive their repayment reductions. For me that would give the one with permanent benefits more weight, but it depends on how much of a gambler you are really. Taking the chance on losing the benfit may pay off for you.

 

[macois]

Also consider www.GradLoans.com as they offer similar benefits, great service and private consolidation options as well.