College Loan Consolidation for Undergraduates
Starting out in the working world can be hard for many recent college grads. Entry-level salaries are low and you may be paying rent for the first time in your life. And your college loan deferment and grace payments are coming to an end. What can you do??? Consolidate your undergraduate student loans. College loan consolidation can save you money by allowing you to take advantage of lower monthly payments. That can be a blessing when you're just starting out and funds are low. Get to know your options with help from Student Finance Domain.
Student loan consolidation programs like those found through FindTuition.com
allow you to group undergraduate loans together under one new loan. This will
enable you to extend the time you take to pay off your loan by an additional
5, 10, or 20 years or more. Which means your monthly payments will go down
substantially. This allows recent grads to get their careers off the ground
without large student loan
payments hanging over their heads.
Consolidate your federal loans to lower your monthly payments
Credit based private consolidation loans offer many options
It is never too early to begin investing, with time on your side even a little investment can go a long way
Many undergraduate student loan consolidation programs also offer graduated payment plans. This means that as your earning power increases in the years after graduation, so do your payments. For example a student could feasibly start paying his loans off with a $90 payment each month. In the second or third year of payments, the amount could increase to $120. Then in the third year the amount could increase to $200, and so on.
Undergraduate student loan consolidation is available for both federal student loans and alternative and private school loans. Most times it's best to keep your federal loans and private loans completely separate with a federal consolidation loan and a private consolidation loan. Occasionally it might make sense to consolidate them all together if interest rates on private loans drop low enough. But if you take this step, know that you will no longer be eligible for any benefits that typically come with federal loans, such as deferment and forbearance options.
There are different consolidation options for your federal and private loans. Depending on your situation, one or both types could be beneficial for you.
Federal Consolidation Loans
Federal college loan consolidation programs allow you to group all of your federal loans like the unsubsidized Stafford Loan or the subsidized Stafford Loan together. Federal consolidation loans are also available to your parents for any federal PLUS Loans they've taken out to finance your education. Make the payment process easier with a federal student loan consolidation loan. Get more information.
Private Consolidation Loans
Private student loan consolidation can help you get started in the working world without your student debt taking over your life, particularly if you or a cosigner have strong credit. These private consolidation loans can save you money by securing a loan with a good interest rate to pay off your other loans. This can mean just your private loans, or both your private and federal loans. Discover your private college loan consolidation options. Get more information.