Student Loan Debt Consolidation | College Grads in Crisis!
Channel: Student Loans
Date: 03/07/2012

student loan debt consolidation - www.studentdebtcrisis.org to do your own consolidation or call 888-894-0777 for assistance. 

If you are a Student with a number of Debts from different sources and are having difficulty keeping on top of all your various repayments, then student loan debt consolidation could be for you. (http://www.youtube.com/watch?v=MnMwTHYnQMo)

Before you make that decision however, it is advisable to understand the different routes of student debt consolidation and how they could benefit or harm you.

What exactly is Student Loan Debt Consolidation?

Consolidating your existing debts is a way of being able to manage your finances more efficiently. The facts are that students generally need to take out more than one loan in order to complete their education and their ability to meet their multiple loan payments becomes increasingly more difficult.

By consolidating your Student Loans, you are able to keep track and maintain just one monthly payment each and every month. You know exactly what you are paying out and when. No more worries about missing a payment or going overdrawn at the bank because you were unsure of what amounts were going out and when.

What are the benefits and pitfalls of a Student Debt Consolidation Loan?

Benefits

Well, as a student, the biggest benefit of all has to be the low interest rates offered. A Student Debt Consolidation Loan does not incur any additional fees unlike private debt consolidation loans. This is due to the fact that subsidies are paid by the government to the lender. Also, Student loan consolidation can be beneficial to students' long term credit rating. This is really important as it will impact on your life way past your school days.

Pitfalls

The initial euphoria of consolidating your debts can wain over the years. This type of loan is typically spread over a much longer period of time than other loans due to the fact of lowering the monthly payment. Because of the length of the loan, you will also be paying back more interest over that period of time.

The other important factor that needs consideration is the temptation to add to the debt when your payments are lower. Debt is often like being on a merry-go-round. You have debt. You get a loan to pay it off. You incur more debt. You get a bigger loan to pay that debt and the initial loan, and it goes on and on and on... At some point you need to get off the ride and deal with the debt you already have.

Overall Considerations

Lower monthly repayments will certainly help you free up some well needed cash. One monthly payment will certainly help you manage and keep a tighter rein on your finances. You will also have the benefits of flexible repayments as a student.

You will be entitled to a lower interest rate than the private sector offering debt consolidation loans. You can improve your overall credit score with student loan debt consolidation. This will set you up for a great financial future.

For more advice and information on Student Loan Debt Consolidation, Student Loans, Federal Loans and Stafford Loans, visit http://www.consolidatemystudentloan.org or call toll free 1-888-894-0777 for a FREE assessment!


Get help from an BBB "A" rated company that can assist you to seek FORGIVENESS of your Federal Student Loan. 
www.studentdebtcrisis.org to do your own consolidation or call 888-894-0777 for assistance. 


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