Every year, millions of high school seniors anticipate going to college. They apply for their student loans and choose their courses and look forward to the day when they graduate. However that dream can quickly turn into a nightmare when they are hit with the sudden realization that they are so far in debt that it will takes many years to see the light of day.
Some panic when they realize just how far in student loan debt that they are. Fortunately, there is a way to minimize the payments you will make each month and still maintain a comfortable lifestyle.
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Student loan consolidation is a process where all of the student loans and consolidate them into one. This can be very useful especially when the student has multiple loans with different interest rates. There are many benefits to student loan consolidation:
You will only have to make one payment each month and it will be the same amount each month The interest rate will only reflect the consolidation loan amount Builds your credit up back up to a good level because it will show that all of your loans are paid off and that the consolidation loan payment is on time each month The previous loans will be paid in full, however you will still need to pay the consolidation loan The interest rate will be less than you would have if you had several loans out
When you decide to apply, you must first decide if you want to use a private lender or a federal student loan consolidation.
A federal loan requires you to be at least ten thousand dollars in debt and you must be a graduate, and also you cannot have any defaulted federal loans. The major disadvantage to a student consolidation loan is that once you consolidate, it is a done deal. If the federal interest rates fall, your rate will stay the same.
Student consolidation loans are not difficult to find, there are many lenders who will work with you to set up a payment plan that allows to maintain a good lifestyle. It is however critical that you find a lender with the lowest interest rates. This can be done very quickly by using the Internet. You just need to research any lender you find thoroughly -- not only to ensure that it is a reputable company, but also to find the lowest rates.
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