| Unless you have wealthy parents who are prepared | | | | can put money aside and invest for early repayment |
| to fully finance your education, becoming a college | | | | of your loan. You can use the extra money to further |
| student is almost synonymous with becoming a | | | | your career and earn extra income monthly. Longer |
| borrower. Statistics show that as much as 50% of | | | | term and low interest rate will help to takeaway most |
| college students have loans and the average is about | | | | of the stress involved in being in debt. |
| $10,000. Some have considerably higher loans. If you | | | | 3. Fixed Interest: You can find a Federal Student Loan |
| fail to plan carefully, you could end up with several | | | | Consolidation that offers fixed interest rate for the |
| loans and a massive headache. | | | | entire term of the loan. So before you commit to a |
| Irrespective of whether you are an undergraduate, | | | | student loan consolidation, find out the best fixed |
| graduate or post graduate, or in continuing education or | | | | interest rate and terms. When your repayment interest |
| working, you should make sure that your loan is right | | | | rate is fixed, you know exactly what you have to pay |
| and accommodates all your needs at the best interest | | | | every month. |
| rate available. For this, research is important. Make | | | | 4. One Single Payment Monthly: By consolidating all |
| sure you compare all possible offers before making a | | | | your loans into one loan, you are turning all those |
| commitment. | | | | monthly repayments into one repayment. This is better |
| As for student loan consolidation, there are significant | | | | way to organise your finance. |
| advantages. If you make the right choice, you will have | | | | 5. Low Interest Rate: Interest rates from personal |
| peace of mind and not become stressed about | | | | loans, banks, credit union and credit cards are relatively |
| repayments. Remember that with Federal Student | | | | high. A student loan consolidation offers the lowest |
| Loan Consolidation, you cannot include loans such as | | | | interest rate and in the long run will save you |
| those obtained from banks, credit unions, personal | | | | thousands of dollars. |
| loans or from credit cards. | | | | 6. Your Student Years: While still in education, if you |
| The advantages of Student Loan Consolidation are | | | | are eligible, you can take out a consolidation loan. This |
| listed below. | | | | will defer capital and interest repayment because you |
| 1. Low monthly repayments: With research you will find | | | | are still a student. You will, however, lose the six |
| that your interest rate is lowest available. This means | | | | months grace and the interest accumulated will be |
| low monthly payments allowing you to free up money | | | | added onto the borrowed capital. |
| for growth and development to leverage you position | | | | 7. Peace of mind: If you have to have a loan, the best |
| and repay your debt early. | | | | option is a low fixed interest rate one. With a student |
| 2. Repayment over a longer term: If you choose well | | | | loan consolidation, you can get these with a longer |
| you can get a Federal Student Loan Consolidation with | | | | period of repayment. This means that you have low |
| payment terms as long as 30 years. Although you are | | | | monthly repayments. Now that you have graduated |
| paying off less of the borrowed capital, you have | | | | and are about to make the big leap into employment, a |
| more spending money in your pocket. This allows you | | | | well planned Student Loan Consolidation will give you |
| a better quality of life and with sensible planning, you | | | | peace of mind. |