Student loan debt consolidation
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no way around it. If you took out student loans to pay for college, you have to
pay them back. That can be hard to do, whether you’re still in school, trying
to start your life outside it, or even 10 years down the line. You borrowed the
money, you used it, and you have to pay it back.
happens when that means you have to choose between paying all your bills or just
those? What happens when those outstanding debts get in the way of putting money
together for a house, or a car, or a family? It just doesn’t make sense to
walk through life incurring the debts of living while you’re still dragging
around the ones from school.
there’s a solution. You still have to pay back what you borrowed, but with a
student loan debt consolidation make monthly payments to just one lender.
it as refinancing. The money you borrow from one lender pays off the money you
owe to all those other lenders. No more juggling what’s due to whom and when.
Not only that, the interest rate on the student loan debt consolidation is the
weighted average of those other loans, making it lower overall and bringing your
monthly payment down accordingly. Some student loan debt consolidations are
settled at a fixed rate, so you don’t have to worry when July 1 rolls around
each year that your payment will go up.
student loan debt consolidation available, there are actually four different
student repayment plans to research and one is bound to be just what you’re
idea of a fixed rate really appeals to you, consider either the Standard
Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives
you a maximum of 10 years to repay, but payments are divided within that time
limit at a fixed interest rate.
Repayment Plans relieve the burden of monthly payment amounts still further by
stretching the time to pay off the loan to between 12 and 30 years (depending on
the total amount borrowed). Again, the interest rate is fixed for that time
period, and the payments are lower. Be aware that over time, you will end up
paying a larger amount, but the monthly payments will be easier to bear.
Graduated Repayment Plan also allows you to spread your monthly student load
debt consolidation payments over a period of between 12 and 30 years, but in
this case, the amount of your monthly payment will increase every two years.
plan appeals to a number of people because it takes into account what’s going
on in your life. In the Income Contingent Repayment Plan, a reasonable monthly
payment amount is determined based on your annual gross income, family size, and
total direct student loan debt. Another advantage of this student loan debt
consolidation repayment plan spreads the payments over 25 years.
you’re close to the end of your student loans, consider carefully whether
taking on a new loan is worth the time and effort. However, if you still have a
long time to go and many payments ahead of you – and you’ve already
exhausted the deferment and forbearance options on your existing loans –
making a fresh start with a student loan debt consolidation may actually be to
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