According to a College Board Study done in 2008, two out of three undergraduates who graduate successfully from college have some form of student loan debt.
The reality of paying back this loan amount truly kicks in when you graduate, and you come face to face with this fact that you've to pay several loans all with confusing dates and payments.
To make the process less complicated, many people choose the option to consolidate student loans.
By consolidating student loans, you may end up with two consolidated student loans: consolidated federal loans and consolidated private loans.
If you have a job and can save for six months or so then start making payments and get the student loan out of your life A. If you go into forbearance it can be month to month or sometimes up to two years, but it is only a period of time to get on your feet financially.
Forbearance is an excellent way to take the stress off having to repay student loans when you have no money, but remember that interest is still coming and a forbearance period can’t last forever.
Like most people, you will have more than one student loan, possibly from more than one lender.
With the job market at such a weak point and many wondering if they will even have an income, not to mention enough money to pay back student loan financial aid, many students are wondering what can be done.
Our fast and easy student loan refinancing calculator lets you plug in your remaining balance and existing monthly payments so you can quickly figure out whether refinancing your student loans can improve your finances.
Depending on how long you’ve been out of school, your annual income and credit history is likely to have improved.
There are no fees for federal loan consolidation and penalties for paying back your loan earlier.
Also, there are great chances that you may end up with a lower interest rate.