Consolidating college loan money

To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads.Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices.The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.

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If your original loan wasn’t a Direct Loan, you can switch to a Direct Loan through consolidation.However, a Direct Consolidation Loan won’t keep any unique borrower benefits your original loans have, like interest rate discounts and rebates.It’s simple, efficient and practical, but there are some negatives, not the least of which is that you could end up paying much more in interest by the time you’re finished.There is no hard and fast rule about student loan consolidation, other than be sure to do your research.The average college graduate in 2016, who took out student loans, owes ,172, a 6% increase from 2015.

That is a sizeable, unwelcome gift to take home from school and it’s important to know how to minimize the damage.Read the fine print on your original loans to see if consolidation’s really the best deal.Private loans tend to have more repayment restrictions than federal loans.Loan consolidation is the process of combining two or more loans into one.For borrowers of multiple student loans, it’s a common process.Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.