Student Loan Consolidation May Help Overburdened Graduates

A College education is a very worthwhile investment of time and resources, but also can be very expensive to those with limited financial resources. The majority of college students find themselves facing thousands upon thousands of dollars of debt after they graduate.

According to the latest figures from the according to an analysis of the government’s National Postsecondary Student Aid Study the average student now carries a debt load over $23K by the time they graduate. (continued below)

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Student Loan Consolidation May Help Overburdened Graduates

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The trend has been rising with the souring economy and also has introduced ramiifications that are rippling through the economy.

Students burdened with debt are postponing lifestyle milestones such as getting married, buying the first home or having children.

Ironically, the borrowing has also been postulated to lead to the rising cost of tuition.

A 30-year-old lawyer in Fort Lauderdale, Fla. Zack Leshetz, has $175,000 in student loans from his seven years in college and law school. With $800 a month in payments and another chunk of student loans in forbearance, which means payments are halted while interest accrues, he has put the idea of homeownership on hold. “I find myself living paycheck to paycheck,” he says.

Many others are dealing with multiple outstanding student loans,and juggling multiple payments every month which can contribute serious to credit scores.

Fortunately, The prospect of student loan consolidation can help in combining all student loans in to a more manageable sum with a lower monthly payment.

With the student loan consolidation program offered, there are two types of student loans: Private student loans and federal student loans.

Consolidating studentb loans that are private is handled differently federal loans. Federal student loan consolidations typically has a lower, fixed interest rate, and the payments can be deferred in the case of hardship. Private student loan consolidation, on the other hand, typically has a higher interest rate, and payments may not be deferred.

Your current credit rating with be a major factor in determing the amount of interest you will pay on any loans.

Credit reports are available from the three major Credit Reorting Agencies, Equifax, Transunion and Experian.

It is recommended that your credit rating be checked at least once evey year or any time, there is a chaneg in your finance.

An increase in your creting rating is an opportunity to negotiate a lower interest on any student loan consolidation.

It is in your best interest to shop around for the best rate as the market in student consolidation loans can be seen as competitive.

Some lenders may insist on a co-signer if is your credit is considered at-risk

Lenders generally will consider you a good candidate for Student loan consolidation if your loan is between $5000 and $300000.

Student loan consolidation is a big financial responsibility, so before you make any decisions, make sure you’re financially prepared to take that step and that you fully understand all of the terms of your new loan.

The federal Government has recently introduced some programs to assist with Student loans debt.

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