| Student loans are a great way to finance your | | | | aren't in a high paying job when you finish your |
| education, but should you consolidate your student | | | | studies. |
| loans? The amount of debt that most students incur | | | | You won't be able to consolidate any private loans |
| is considerable and paying it all back can be a | | | | you have with your federal loans and parents are not |
| daunting prospect, especially when you are just | | | | permitted to consolidate their parent loans with those |
| starting out on your career. Or worse still, you don't | | | | of their children. |
| have a job when you graduate. | | | | The major drawback is that you will probably have |
| One possible way of making student loan | | | | to pay out more because you have extended the life |
| repayments more manageable is student loan | | | | of your loan. So it is important that you consider all |
| consolidation, which allows you to lower your monthly | | | | the potential consequences of taking this step. Lower |
| repayments and extend your loan over a longer | | | | payments might sound good now, but do you still |
| period, usually up to 30 years.. | | | | want to be paying off your student debts when |
| Why should you consider consolidating your student | | | | your own children are preparing for college? |
| loans? | | | | As with any type of loan, it pays to do your |
| If you consolidate your student loans, they are repaid | | | | homework. Make sure you research all of the options |
| by the lender and then your debt is lumped into a | | | | available to you before deciding to consolidate your |
| single loan, which means only one lender and one | | | | student loans, have a look at at the terms and |
| monthly repayment for you to worry about. In fact, | | | | conditions and the interest rates and be sure to do a |
| you can reduce your payment by as much as 50% in | | | | loan comparison before you make your final decision. |
| some cases, which makes a big difference if you | | | | |