Should You Consolidate Your School Loan?

Picture yourself after graduating from school. You have landed a great job and you are about to embark on the adventure of a lifetime. Then you receive notice that your school loans are eagerly awaiting you to pay them back. The bubble bursts because you did not realize how much money you would actually be paying back the lender. There is hope, though, that if you consolidate nonfederal student loans, you may receive financial relief. Before you decide if your choice to consolidate nonfederal student loans is correct, though, get all the facts.

For example, what will loan consolidation mean for you? Have you examined the pitfall of being locked into one interest rate? Will you have income sensitive payments? These are the type of questions you need to have answered before you make your decision to consolidate nonfederal student loans, or federal ones.

Let’s first look at what happens to the interest rates. In the case of federal loans consolidations, the rate is fixed. This means that the interest rate you are paying may never change. This can be a good thing, but also a bad thing. For example, if the interest rate goes up, you will not have to worry that your interest rate will go up as well. However, if the interest rate goes down, you will not benefit from this as your interest rate remains fixed. Now, if you are looking at a private lender as a means of loan consolidation, the same scenario will apply with this exception. Private loans are not fixed. Therefore, if the interest rate goes up, so does your payment. The flip side of this, is if the interest rates fall, so will your payment. This is the type of decision you need to be prepared to make. Another benefit of school loan consolidation is it can help you if you are already in debt due to credit cards, a car loan or perhaps a home. The smaller payments will appeal to you.

However, again, there is a down side to this. Consolidation may mean that you pay back your load over a longer period of time. Of course, this means more payments, more money paid back. The advantage to this is only making one payment per month. This alone, can make it worthwhile to consolidate nonfederal student loans. Some people are actually able to save up to 54% by making consolidated loan payments. You may have the option to extend your repayment. In addition, there is no credit check. For those who are just entering the work force, and have yet to advance up the rungs of the wage ladder, this is welcome relief. Again, you will have to remember that the life of the loan has now been extended and your payments will last longer. The key to making the choice to consolidate your school loans needs to be made with thought and with knowledge. Having the facts and being willing to spend the time to research all of your options will help you make the decision that is right for you.

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The authors realized long ago that there’s a lot of mystique around how to properly deal with your student loan debt whether after undegraduate or graduate studies. We hoped to assemble a reasource to help folks who need to consolidate nonfederal student loans, federal student loans, or private. We hope this resource is helpful!
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Consolidate Nonfederal Student Loans | Should You Consolidate Your School Loan?