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Things to Note When Consolidating Student Loans

Iyke Phelim
 


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 4 votes

To complete a course and graduate is the dream of every student. After this you see yourself as an independent being. In this stage you are filled with joy of a new career and this is the time you repay the loans borrowed while in school. Some graduated students while school owe a huge some of amount ranging from $120,000 to $150,000. also the undergraduates’ debts is over $50,000. Most times they go borrowing from different lenders thereby having an accumulated interest rate and payments are made at different time.

Great options have been introduced to help you pay off your debts and the option is consolidating student loans. When student loans are consolidated the individual is given the chance to pay off smaller debts by borrowing larger amount. The individual is no longer faced with the stress of settling different lenders at different time rather he now has one debt to pay every month with a long space of time. The benefit of consolidating students’ loans is to assist the student free up all debts chain. The individual enjoys lower interest rate, monthly payments reduced. Consolidating students’ loans increases your repayment time from 10years of having student loans to 30years. The individual continues to settle his debts by paying his interest rate, this will now sum up to a reasonable amount at the end of the loan.

Students and individuals are to have this in mind that consolidating students’ loans is not totally placed on lower interest rate. Consolidation loans will be higher at the fixed but lower than the variables of the student loans

Author: Ndimele Ikechukwu Phelim “Iyke Phelim"

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