Getting Out Of Debt: Consolidating Your Student Loans
Upon graduation from college, many students are saddled with a large amount of debt. While some of this can be attributed to living off of credit cards, the majority of it comes in the form of student loans. At times, this debt can seem so overwhelming that it's difficult to justify using the money to pay for an education, especially when the job market is so tough.
One shouldn't let student loans bury their financial future, though. There are ways to keep your finances straight and pay down the loans without drowning in a sea of debt. One way is to combine all of your student loans into one monthly payment. The real key is to find the lowest student loan consolidation interest rate out there and take full advantage of it.
Loan consolidation makes more sense than other financial plans because:
Once you have the lowest student loan consolidation interest rate locked in, try to make your payments on time and pay a little extra when you can. It can be surprising how paying a little extra each month can really impact the length of your loan. Make sure that there is no early payoff penalty though, so you don't incur even more debt by accident.
In order to find the lowest student loan consolidation interest rates, you may want to look at a number of different places. The U.S. Department of Education usually has the best rates when it comes to consolidating your student loans, but not all loans are eligible for consolidation. It is best if you call and discuss the options available to you with one of their representatives.
For loans not eligible for consolidation through traditional means, you might want to see about getting a private loan from your own bank or another financial institution. Though it can be a more tedious process, it will be well worth the effort if it helps you keep more money in your pockets.
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