When college or graduate school is finally over - usually after many years of toil and hard study - graduates can hold their heads high. They know that they are smarter and wiser than they were before their stint in the halls of higher education.
Unfortunately, most of graduates also know that their net worth is seriously in the red, all because of that important helper that got them through college: their student loans.
Sure, there are those lucky grads who went to less expensive schools, all the while living at home and benefiting from their parents' goodwill. And there are those others whose families paid for their education in full. And yet, there is that other group of grads who even received full or partial scholarships to subsidize their education.
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But, the majority of college graduates racked up lots of debt while in college and are still carrying that debt around with them today. And, that debt can easily go above one hundred thousand dollars.
The Burden Of College Loan Debt
The challenge with college loan debt is that most federal and private student loans have repayment schedules of 5 or 10 years. (Compare this to home mortgages, the vast majority of which have much longer, 30-year repayment schedules). This relatively short timeframe in which to repay student loan debt simply drives up the monthly payments. The payments can become so high that they are too much of a burden for many grads.
To compound the issue, many college grads these days face unemployment or underemployment. Translation: they are not in the position to earn enough money to make their payments. Moreover, several student borrowers have taken out multiple loans, meaning that they are responsible for not one, but several, loans.
Simplifying Repayment With College Loan Debt Consolidation
One solution that many graduates are taking advantage of to help ease their cash flow crunch is to apply for college loan debt consolidation. Debt consolidation allows them to lower their payments by rolling up all of their existing loans into a single loan over a longer time horizon.
3 Tips for College Loan Debt Consolidation
If you are considering debt consolidation, here are 3 tips that can help:
1. Get A Handle On Your Current Loan Situation: Start by sitting down with pen and paper (or your computer's spreadsheet software) and figure out your current total loan balance across all loans. Also, figure out the interest rate and repayment schedule for each loan and your total monthly payments.
2. Decide If Consolidation Is Right For You: If you have more than two loans or if your repayment terms are for 10 years or less, consolidation will almost certainly help to reduce your monthly payments.
3. Move Forward: To move forward, apply for either a federal consolidation loan or a private one, depending upon the nature of your current loans.
College loan debt consolidation is a smart way to take control of your college loan debt.
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