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Why Consolidate?
Today, there are many college graduates who do not get jobs right out of college and their new life after college can be particularly difficult. A lot of college students live on credit cards during and after college and as a result develop a high debt load., have less free cash to pay down student loans. Many may not be able to make payments and will fall behind on their student loans. It's a perfect time to look at their options and consider getting rid of high interest rates and high monthly payments. These are all reasons to consider a student loan consolidation program.
Benefits of Consolidating
All federal student loans are guaranteed by the federal government. This means that they are slightly different from other loans that are out there, in that the issuers are guaranteed repayment of the loan by the government. The loans that go through consolidation will do so with a loan consolidation company or they may be consolidated through the US Department of Education.
There are many benefits to getting these loans, but the two most important are these:
Drawbacks of Consolidating
There are also some disadvantages of the student loan consolidation. The most important of them is the fact that if you do consolidate your student loan, you are going to extend the time period in which you will be paying it off. While this will help you to lower your monthly payment, but you will also be paying more with the student loan consolidation in interest over the long haul. So, it is a more costly option than paying off your student loans without consolidating.
Student Loan Programs
Student loan consolidation programs will offer you several benefits, one of which are student loan rates that are being offered for the current year. Loan programs such as Stafford, PLUS loans and Sallie Mae student loan programs can all be consolidated. If you have a US Dept of Education student loan, you may need to refinance it with the US Dept of Education. You can use a federal student loan consolidation just two times. You can do this once with the Dept of Education and once with a private lender.
Do I Qualify?
Virtually anyone that has college student loans qualifies for a student loan consolidation. As long as you can apply for and get the loan (there may be loan minimums needed), you should consider it especially if the interest rates of your current college student loan is higher than the current student loan rates.
Remember, the interest paid on a student loan is tax deductible.
Mvelopes Personal is an online budgeting system that makes it easy to create an effective personal budget and track every aspect of your spending as it happens. It will help you always know exactly how much you have left to spend, instantly know the impact of every spending decision, effectively manage credit card spending, and quickly create an easy to use household budgeting plan. Click here to learn more
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Did You Know... |
49% of adults, and 66% of US high school students got F's on a national test on their knowledge of basic economic principles.
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Food for Thought... |
"I'd rather go to bed without supper than rise in debt."
-Ben Franklin.
