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A college loan is a loan given to a soon-to-be college student to
pay for school related expenses such as tuition, a room, and
textbooks. After the student has graduated, the loan is to be repaid
in monthly payments. The problem with this is that few students make
good money right out of college. Even with a good degree most
students have to get a lower level position and get some work
experience before they get a big promotion. New graduates also have
many new expenses to face such as buying a house, or finding a new
apartment. Also, around that time in life, graduates are often
getting married or having kids. It can be very hard for a new
college graduate to pay off college loans while trying to get his or
her post-college life rolling. College loan consolidation can help
by lowering monthly payments and interest rates.
College loan consolidation is a type of loan where a lender pays off
your existing loans and then you make monthly payments to them
instead. The benefit is that your monthly payments will all be paid
to one lender with one monthly bill, and your total monthly payment
will be lower. The money you save each month can be put towards a
new car, a better apartment, your child’s needs, or a wedding ring.
There are two basic types of college loan consolidation programs in
the United States: Private and Federal. Federal student loan
consolidation is only applicable if you have outstanding federal
student loans that total more than ten thousand dollars, and are
finished with school and taking fewer than six credits of college
courses. If you do not fulfill these requirements then you cannot
qualify for a federal college loan consolidation program and must
use a private lender.
Private lenders will look at your credit history and determine your
monthly payments and interest rate. Different lenders will come up
with different payment plans so it is important to shop around.
Making some extra phone calls can get you a lower monthly payment
and better terms. You should also watch interest rates because
sometimes the time that you consolidate your loan can have a big
impact on how much you pay. If interest rates are low, do not wait
to consolidate your loans. Waiting too long can mean the interest
rates come up and you pay more in the long run. Likewise if rates
are at an all time high, you may want to wait for them to come down
again.
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