| "During economy crisis, I can't afford to pay my | | | | interest rates on the student loans. It is best for |
| student loans monthly because I am jobless." In | | | | them to consolidate all the loans into one loan and |
| United States, a lot of fresh graduates are facing this | | | | one fixed interest rate. The new interest rate is |
| similar problem. What can they do in order to avoid | | | | always lower than the current rates. Hence, after the |
| their credit score from being affected by significant | | | | loans are consolidated, the unemployed graduates |
| negative impact? They should go for college student | | | | don't need to worry in the future even when the |
| loan consolidation. | | | | interest spikes up. |
| This is specially designed to assist the fresh | | | | There are 2 main types of college loan consolidation |
| graduates to either defer the payment or extend | | | | plans, i.e. federal and private. The students are |
| the period of repayment. For those who are having | | | | advised not to lump both federal and private loans |
| tight budget now will either stop payment temporarily | | | | together as federal plans have more benefits such as |
| or make a monthly payment which is a lot lower than | | | | lower interest rates, longer grace periods when |
| what they are paying right now. This solution is | | | | compared to private plans. It is good to separate |
| beneficial during current economy situation where the | | | | two plans so that the graduates won't lose all the |
| interest rate is low. Switching from a high interest | | | | benefits of the federal loan. |
| rate to lower interest rate can definitely help you to | | | | If you are unable to pay student loans due to |
| save money in the long term. | | | | unemployment, don't worry. Loan consolidation is the |
| In common, many students are having variable | | | | best answer for you! |