| Paying off your school loans is not the most pleasant | | | | loan, you will have several options available. If you |
| experience, but it can be made easier if you pursue a | | | | choose to go the private route, then your loan and |
| school loan consolidation. Doing so will give you the | | | | payments will vary based on your credit history, as |
| peace of mind that comes from knowing that your | | | | well as how high the interest rate is for your lender. |
| debts are manageable. Regardless of which type of | | | | You will also lose the opportunity to consolidate your |
| school you are preparing to leave, look into | | | | loan, since only federal loans are consolidated. If you |
| consolidating your school loans. | | | | go the federal loan route, then you can look into |
| What is Consolidation? | | | | Stafford loans, Perkins loans, or other federal |
| Consolidating a federal loan is taking all of the student | | | | consolidation programs offered by some of the larger |
| loan payments you owe and combining them into one | | | | national lenders. |
| lump sum. This allows students to have just one | | | | You should always shop around before making a final |
| monthly payment to one lender instead of several | | | | decision on a lender so you will be sure to get the |
| payments scattered all over the place. | | | | best possible loan at the lowest rate. If you choose |
| What is also beneficial about a school loan | | | | the federal loan route, then you will be able to |
| consolidation plan is that a student can usually get a | | | | consolidate as much as you need because there is no |
| little lower interest rate by choosing to combine all | | | | set limit on loan consolidation for student loan |
| their loans together. Although the lower percentage | | | | payments. You won't have fees for applying for a |
| may not be an extravagant amount, it can still make | | | | federal loan consolidation, and very few penalties |
| a difference when you are living paycheck to | | | | exist for these types of loans. |
| paycheck right out of college. | | | | All student loans are different, but they all must |
| Federal loans are also nice to consolidate when you | | | | eventually be paid back. The amount of time that |
| do have problems with an incoming salary because | | | | you have is based on the amount of your loan and |
| there are several options available to students who | | | | the rate of interest. You generally have 45 days |
| need to defer payments. Federal loans, even | | | | before you are to begin repayment, so be prepared. |
| consolidated loans, allow a grace period of several | | | | Eventually, you might find you want a school loan |
| months after graduation before a student must start | | | | consolidation. |
| making payments. | | | | All students who are bound for college have different |
| There are also low-income allowances when a | | | | needs. Because of this, you must investigate all of |
| student needs to defer payments for a period until | | | | your options. Your financial aid advisor will help you |
| they have money coming in the bank. The nice thing | | | | gain a working knowledge of a school loan |
| about federal loans is that federal laws regulate | | | | consolidation and the benefits associated with it. |
| interest rates, not by the lender, so they will be a | | | | Working with the right lender and working out the |
| little lower than a private loan. | | | | right plan for you will make your post-collegiate |
| Applying and Consolidating | | | | experience a pleasant one. |
| When it comes time to apply for a college student | | | | |