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Student loan consolidation! Do I really need it?

Worried about how you are going to pay back the whole bunch of student loans you have accumulated? Not to worry! Student loan consolidation can combine all your different loans under the same umbrella with a single lender.

How do I get my student-loans merged?
Due to the expenses involved in college education, students normally end up with a whole bunch of loans issued for education, food and many other different expenses. Each loan could be for a different amount and carries a special interest rate. It’s a good idea to keep a close track of your loans at the National Student Loan Data System website. This is important because you can keep a track of your loan amounts and the date when you are expected to start repayment.
The majority of all loans federal as well as private are postponed for the first six months after graduation, so that you can start a new job, which means you don’t have to make payments during that time. But you definitely have to know when the different loans will start their payment schedules. And its for this reason, its better to club all these loans under a single lender so that you have to make only a single payment every month rather than keeping a track of five to six separate dates and payment amounts.

What is the advantage of merging my student loans?
1. The main benefit of clubbing your loans with a single prominent company is a small monthly payment, which you can obtain by stretching out your payment schedules over a longer amount of time. Such single lender companies are also ready to give a substantial discount, if you promise prompt monthly payments.
2. You can replace all your different loans with different interest rates with a single interest rate under a single lender with a single payment. Very easy to remember!
3. Set up a schedule for prompt repayment of these installments as it’s a good idea to have a good credit history rather than having your loan checks get defaulted There are four types of repayment choices that can be done on all types of consolidation plans,

• Standard Repayment Plan: is adjusted for a fixed monthly payment for a maximum of 10 years.
• Graduated Repayment Plan: Monthly payments are originally set to a lesser amount for the first two to five years. After that, payments increase to provide for settlement of the loan over ten years. The idea is that your income usually begins low and then increases, so you can begin with a lower payment, and after your income increases, your payments will rise.
• Extended Repayment Plan: is adjusted for a fixed monthly payment schedule ranging from 12- 30 years, depending on the sum borrowed. The monthly payment will be lesser than the standard plan, but you the interest will be more.
• Income-Contingent Repayment Plan: Monthly payments are dependent on the borrower’s earnings, family, and total finance amount, and can be repaid in 25 years or more.

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While student loan consolidation can seem like an ideal option for people who have more than a single loan, the repayment plan can be a little difficult. But it’s in your own advantage to have no missed payments or defaults in your credit history as this will affect your future chances of financing a car or home loan. So think carefully, and decide warily!

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