Should I Consolidate My Student Loans?

If you’re feeling overwhelmed by your student loans, you can take comfort in the fact that you’re not 44 million Americans have student loan debt today.

alone: Over

You might have a mix of both federal and private loans and have several different loan servicers. This can make keeping track of your total debt, minimum payments, and monthly due dates confusing. Sometimes it might even cause you to miss payments.

In cases like this, consolidating your student loans could help you manage your loans more efficiently. But it’s not a one-size-fits-all strategy. Here’s what to keep in mind before you dive into student loan consolidation.

Can Student Loan Consolidation Affect Me?

Gone are the days when it was generally a good idea for most federal student loan borrowers to consolidate their loans. The student loan world has changed significantly, eliminating two of the biggest benefits of consolidation.

First, most federal loans previously featured variable interest rates. These rates changed annually, so consolidation allowed borrowers to lock in historically low numbers.

In July 2006, interest rates on new loans became fixed. Because consolidation interest rates take a weighted average of the underlying loan rates, borrowers no longer automatically get a lower rate by consolidating.

Second, in the past, it was common to have your federal loans held by multiple servicers. By consolidating, borrowers could pay one servicer instead of many.

How To Achieve Debt Relief Through Debt Consolidation in 2017

National Debt Relief recently published an article titled “4 Ways to Achieve Debt Relief Through Debt Consolidation”. 

The January 23, 2017 article helps readers better understand how debt consolidation can help better manage their debts. The first option mentioned is to take out a low-interest debt consolidation loan. 

Direct Consolidation Loan VS FFEL Program loan

A Direct Consolidation Loan allows you to combine multiple federal education loans into one loan. The result instead of being multiple payments is a single monthly payment. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs.

Consolidate Student Loans - How It Works

Looking For Student Loan Consolidation?

It is simple in consolidating student loans: if you have student education loans and you have or meet the criteria, then you can consolidate them into a solitary loan. This means that, your current student loan amounts that you’ll still are obligated to repay will be paid off by the lender you choose and all the amounts that will be paid back will put into just one loan

You will probably see your payment per month on student loans drop when the lender will this.

An easier plus more affordable way to pay down your student loans is just what you are looking for.

Students, with student loans, and parents who owe on AS WELL AS loans that they required out for their students, can consolidate their loans. Adding up students’ loans (as far as it is federal college student loans) may not need that you have a credit check completed show that you qualify. Is that surprising to you?, Sure it is true. Whatever your current credit score is does not disqualify you from getting a government student loan consolidation approved.

The 5 Tips for Federal Consolidation Loan in 2017

If You Are Applying For The Federal Consolidation Loan in 2017, Then You Must Read This

It is a great privilege and experience being a student of a higher educational institution. It is worth being thankful as only few population of persons has the opportunity of having such qualification or being graduated.

Being it an opportunity or a privilege, it is accompanied with a responsibility of paying for the education itself. Some students were lucky to be admitted in the university, study for few years and graduated not paying a penny or take out any loan. However, most percentage of students who attended university had to take a loan or more of the students’ loan.