Consolidating your student loans will enable you to have one payment rather than a number of them.
When you conslidate student loans, you can get a much lower interest rate.
Be sure to consolidate during your grace period!
College tuition has increased at rates well above inflation in the last few decades in order to support the cost of highly-trained professors, university research, facilities, activities, equipment and the like. College has gotten so expensive that most students can't afford to pay for it upfront any more, and according to a recent NPSAS study found that 2 out of every 3 students ended up with student loans after college. If you are one of those students, you should consider the option to consolidate student loans. Student loan consolidation is a good thing to do for a number of reasons, let's look at why it's such a good idea.
When you conslidate student loans, you can get a much lower interest rate.
Be sure to consolidate during your grace period!
College tuition has increased at rates well above inflation in the last few decades in order to support the cost of highly-trained professors, university research, facilities, activities, equipment and the like. College has gotten so expensive that most students can't afford to pay for it upfront any more, and according to a recent NPSAS study found that 2 out of every 3 students ended up with student loans after college. If you are one of those students, you should consider the option to consolidate student loans. Student loan consolidation is a good thing to do for a number of reasons, let's look at why it's such a good idea.
The average college student ends up with $19,202 in federal student loan debt after graduation. Usually this money is broken up into several different small loans each semester, with whatever the variable interest rate Congress happens to decide. Right now it's at 6.8%, which is a lot higher than it's been recently, but the new democratically controlled congress is working to lower it, but there's no guarantee either way. If you do consolidate student loans now, your rate is guaranteed to stay the same and there will be no surprises.
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