Consolidating student loan drawbacks looking for friendship not dating sites are there any

02-Mar-2017 02:09

If you’re struggling under the pressure of your student debt, you’re not alone.

According to the Institute for College Access & Success, 69 percent of seniors who graduated from public and nonprofit colleges in 2014 had student loan debt — to the tune of an average of ,950.

Comprised of 67% BBB Rating and 33% Customer Review Rating.

The BBB Customer Review Rating represents the customer's opinion of the business.

Since it’s a big financial decision with long-term implications on your finances, we’ve put together a little pros/cons list that you might find helpful.

Student loan consolidation can be a great option if you’re looking to simplify and lower your monthly payments, but there are other factors to consider, so be sure to do your homework.

So if you're in that position, should you take advantage of it?While you can’t outrun your student loan debt, you do have options for getting it under control. With a loan consolidation, a lender pays off your various student loans and gives you a new, single loan, often at a lower interest rate. Private loans can only be consolidated through a credit union or bank.Federal student loans can be consolidated through the U. Some lenders, like Alliant, will consolidate both federal and private student loans.Conventional wisdom used to hold that federal student loans are categorically better than private student loans.And while that's never been true for everyone, it has been a useful mental shortcut because federal loans are a better option for many borrowers.

So if you're in that position, should you take advantage of it?

While you can’t outrun your student loan debt, you do have options for getting it under control. With a loan consolidation, a lender pays off your various student loans and gives you a new, single loan, often at a lower interest rate. Private loans can only be consolidated through a credit union or bank.

Federal student loans can be consolidated through the U. Some lenders, like Alliant, will consolidate both federal and private student loans.

Conventional wisdom used to hold that federal student loans are categorically better than private student loans.

And while that's never been true for everyone, it has been a useful mental shortcut because federal loans are a better option for many borrowers.

If you consolidate your federal and private loans together, you may lose the protections a federal student loan affords, like deferment or forbearance, which allow you to temporarily postpone or reduce your federal student loan payments; income-based repayment programs; and potential loan forgiveness, like that offered to people who work in the public sector.