College graduation is something that most students feel like is never going to happen…that is, until it does. With graduation comes a multitude of life changes including the beginning of years of student loan repayments. Student loans are becoming the staple for most people when it comes to paying for the cost of higher education. However, what most experts will tell you is that repaying these huge debts is not something that is easy to do.
Think about this for a minute. The average salary for a new college graduate is less than $50,000 per year. It is even less being that the economy is still on shaky ground when it comes to jobs. What does this mean? It means that new graduates are going to have a tough time paying their basic living expenses let alone five or ten small student loan payments. The bad part is that not making these payments is really not an option, that is if you want to keep your credit score intact. So, what do you do to make your student loans more affordable?
The first step is to consolidate your loans. Having multiple student loans means having multiple student loan payments. While these payments may seem small now, they can really begin to add up over time. A Direct Consolidation Loan makes it easy to consolidate all of your smaller student loans into one large loan and make one monthly payment each month. It is much easier to keep up with this type of loan, making it easier to keep your account current. It can also help you lower your payment because you can extend the length of your repayment up to 30 years. This is something that most financial experts will warn you not to do as it will significantly increase the amount of money you will pay to the servicer over the life of your loan. But, this is definitely an option if you aren’t making a great deal of money now. You can always pay more than the minimum payment due whenever you want as there are no prepayment penalties on any federal student loan option.
To consolidate your loans, all you have to do is complete the online application you can find at the U.S. Department of Education’s website. Wait for the application to be processed ( you will receive notification) and then begin making the new monthly payments. You will then be bound to the terms of your new consolidated loan, which will not allow you to access benefits such as forbearance, payment deferment, or loan forgiveness. But, you shouldn’t have to worry about this since your payments will be lower than before.
Consolidating your student loan debt may not seem like that big of a deal now. But as you move forward and realize how difficult it is when life begins to change, having only one payment to deal with can make all of the difference in the world. If you have more than five student loans, consider consolidating them into one, easier to manage loan and start repaying it the right way. For more information ,Please visit : https://www2.ed.gov/fund/grants-college.html
Consolidatestudent.loan knows that repaying multiple student loans can be complicated. That’s why they offer you a better way to consolidate your debt. Begin making one payment per month for all your student loan debt.