VIDEO: Student Loan Consolidation

Are you a recent college graduate with several student loans? Is managing them too time consuming or worse making you late or delinquent on repayments? Then perhaps it is time to consolidate to a single loan so that it will make it easier to repay and keep a more manageable track of your obligations.
What do you need to know before considering a student loan debt consolidation? Consolidation provides graduates with the ability to combine their student loans into one single convenient loan.
Those seeking consolidation should research and review their repayment situation before locking into a single, consolidated repayment scheme. Regardless of whether consolidating federal or private loans, there is a catch. While loan consolidation can sometimes dramatically lower a borrower’s monthly payments, it can also cost you. The downside of getting a lower monthly payment is that you’re going to subject yourself to substantially more interest charges over the life of the loan.
If you are looking to consolidate your federal student loan, visit the Department of Education’s loan consolidation site for details on consolidation. You may also want to consider other options, such as the income-based repayment program, which caps your monthly payments based on your income and family size, and forgives the remaining debt after 25 years. Check out student loan calculator for some simple tools that can help you evaluate how your payments. For private student loans your need to contact your lending institution and request a consolidation. Be prepared to jump through hoops to get a consolidation. Many lenders tend to work only with the customers with sizeable debts, good income and great credit.

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