Multiple college loans are such a pain when it comes to the repayment part. Well you hardly have the right to grumble as these loans helped you get through college but then again, you shouldn't be giving up too much of your life just to pay off your debt, right?
Well, there are ways you can ease your financial situation and one of these is by choosing to consolidate student loans. However, there are things that you have to consider first.
If you're still studying, is there any chance you can consolidate your debts already?
You can contact your lenders and speak to them about this option if you have private college loans. Speak to them about putting your loan in a repayment status. If the creditor is okay with it then go ahead and consolidate student loans but if not, then you have no other choice but graduate first. If you have federal direct loans then you should be able to have these consolidated.
After consolidating, ask your school for a referral of repayment. This will let you postpone the repayment until after you graduate.
What are the cons of consolidating while still attending college?
The main disadvantage is that you have to start repayment right away after graduation because you'll lose the six month grace period.
Have you already graduated?
If you're a graduate and you are still within the grace period, you can opt to consolidate student loans already for lower interest rate but then this will require you to repay immediately or in 60 days. The good thing is you have locked in on a fixed low interest rate and payment dues. You can comparison shop for the best consolidation offer. Remember not to consolidate federal loans with private loans because you might lose some great incentives only government loans offer i.e. loan forgiveness, tax rebates, etc.
CLICK HERE To Learn How To Consolidate Your Student Loan The Right Way.
Learn Tips And Professional Advice On Student Loan Repayment By Going To: http://www.StudentLoanRepaymentGuide.com
Be Debt Free Sooner!
Article Source: http://EzineArticles.com/?expert=Lorrie_Barstow
No comments:
Post a Comment