Consolidate Student Loans The Best Way to Pay Them Off May Be Debt Consolidation

Consolidate Student Loans - The Best Way to Pay Them Off May Be Debt Consolidation

If you have recently graduated from college you will most definitely want to consolidate student loans. It can be very overwhelming to receive multiple loan payments every month. Your loans will generally all have different interest rates and terms for repayment, making it even more confusing. You will find your loans much easier to manage when you consolidate student loans into one.

You may be wondering, how do I do this? It really is quite simple. For starters if you have federal student loans you will want to consolidate your loans through the Department of Education. They offer a debt consolidation program funded by the government.

Their program allows you to lock in a fixed interest rate and have one monthly affordable payment. You can also spread your payments out over a time frame of up to 30 years. You may even be eligible to defer them for 3 years before you start paying them back. All of these benefits are set in place to give you debt relief so that you are able to afford other living expenses that you will have. You will now be able to pay for rent, transportation and other necessities.

To consolidate student loans through this program you will need to fill out an application. Applications are available on line. You will need to make sure all the loans you are consolidating are federal loans, for example Perkins and Stafford Loans. To be eligible you must have graduated and make sure your loans are in current standings. You however, do not need to be employed. You also do not need to find a co-signer for the loan or have collateral to back it up. In the future if you decide to go back to school you will also be eligible for deferment. Finally, you can pay your loan back early without any penalties.

As you can see the best way to pay off your student loans is through consolidation. When you consolidate student loans you not only relieve the burden of having to make multiple payments each month, but you will also relieve some of your financial