With the rising cost of education expenses in today's society, we find that it can cost just as much to complete our education as our first home purchase. The only problem is that in order to get our education we have generally have more than one or two student loans that we will have to pay back. Education prices continue to go up, cost of living expenses go up, yet our pay seems to have stalled somewhere around 1980.
So by the time we have finished school we are already in debt up to our ears just with the student loans that have to be repaid. So how do you cope with your other living expenses like food, car payments and rent when your student loan payments take so much of your much-needed income. The answer is with a college loan consolidation.
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The benefit of a college loan consolidation is that you can combine your student loans into one loan and have only one payment. You save time and money when you do this. No more will you have to make multiple monthly payments and lower interest cost. You will be able to budget your income and expenses more easily when you do a college loan consolidation and you will find that you have a little more to go around.
When looking into college loan consolidation you will find that for Federally backed loans if you consolidate soon after you complete college, while you are in your six month grace period, you will get a better interest rate. You will also have more options when it comes to the kind of repayment schedules available.
You may choose to pay a fixed amount over a maximum of 10 years to pay your loans off more quickly; or you can get a graduated payment schedule which will fix you with a lower payment during the first 24 months and then increase the payments every 24 months, hoping your income also increases, and spread your loan out over 12 to 30 years. Another college loan consolidation payment option that can be paid back between 12 and 30 years is to have fixed payments over an extended period and with this option the repayment period is based on how much you have in student loans. Then if you find that your income is not what you expect it to be, you can do an income contingency plan over a period of up to 25 years, which is based on your adjusted gross household income, number of family members in the home and how much you owe.
A really good thing about a college loan consolidation is that if you choose one method of repayment and then find that it does not work for you then you can request that your repayment plan be changed.
Some student loans have additional rules when it comes to doing a college loan consolidation. For example a Perkins loan cannot be consolidated unless you combine it with a least one direct FELP loan such as a Federal Stafford Loan previously known as a Guaranteed Student Loan.
When you are looking into college loan consolidation you should speak with several lenders either locally or over the internet to see who will be offering you the best rate and service. When you decide on the lender make sure you understand any special conditions or fees and the terms of the college loan consolidation before signing any papers.
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