Consolidating Loans After Graduation
What is it?
To consolidate your student loans means to take all of your various loans and give them to one company. One of the many benefits of this is obtaining a smaller monthly fee.
Some Benefits-
Getting a lower interest rate is only one of the benefits of consolidating. The following are some additional benefits: - Stop writing 4 different checks: Instead of writing multiple checks to all your lenders, consolidation makes it possible for you to write only one check. - Pay less: You can reduce your monthly payment. - Obtain higher credit: At the time you choose to consolidate, your new lender pays off all your previous debts and unite them to make one new one. Since your former loans were fully repaid, your credit history looks better. - Lock in low rate: If you had federal loans the interest rate fluctuated every year on July 1st. By consolidating you'll lock in one low rate.
Consolidation loans are great because they are easy to get. You don't need to be employed or have collateral or a cosigner to consolidate your loans. You don't even need good credit!
The Downside Before you run off and consolidate your loans, consider the following. Every choice generally has a downside. When you decide to consolidate, make sure you check out all the pros and cons. The following is a list of a couple disadvantages to consider:
- Once in awhile, interest rates will actually fall. If you have consolidated, you are stuck with one rate. - As soon as you consolidate you cannot "unconsolidate". - New terms: Your new consolidation loan will have different terms than your old loans did. - If you extend the repayment period of the loan you may end up paying more interest.
Now that we have shown you the benefits and disadvantages of consolidation, you'll want to know if you're eligible for one of these loans. To qualify for federal student loan consolidation, there are a few requirements. You have to have greater than ten thousand dollars in federal student loans. You have to be done with college or enrolled in under six credit hours of classes. Finally, you must repair any defaulted federal loans before you will be allowed to consolidate.
Being a college student herself, Elise Fisher enjoys writing articles for her website About Student Loans. Don't miss the Stafford Student Loanspage.
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