College Loans...

For Students, Parents and Grandparents Too...

College Loans: Sometimes this debt is a heavy burden.

College student loan plans are among our biggest debt burdens.

And the higher the interest rate - charged to young people... the worse it can get.

The average college graduate leaves with a debt of about $20,000. That number makes the $2000 or so in credit-card debt the average undergrad carries seem small.

Typically, most college student loan plans provide a 6 month grace period before payback begins. This means you've got a maximum of 6 months after graduation to figure out your budget...

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There are ways to lower the monthly cost of College Loans or change a repayment plan to ease the crunch.

Stafford loans, one of the most common types of loans, has seen interest rates jump to 7.14% from 3.42% in 2003.

Often a student loan can be renegotiated. While you will always need to pay the loans off, there are ways of making the process easier.

With consolidation options for loans, you can create a better payment plan than other lenders may have in place - and save yourself money in the long run.

What is Loan Consolidation?

When consolidating college loans, you're simply bringing your loan to another lender to pay off and they're taking over the management of this loan.

In order to get your business, they might offer you a lower interest rate.

Many consolidation services are currently offering interest rates of about 5%, while traditional school loan payment plans can be (on average) 7%.

Though this doesn't sound like a tremendous difference, it really is. While you might have been paying $175 a month for your loan payment, the consolidation agreement can drop that down to $115.

That extra $60 a month can help you offset other costs in your budget and make life a bit easier.

While borrowers can consolidate their college-loans with any lender, it is usually easiest to start with your current loan holder because they have all the paperwork on hand.

The Benefits of Loan Consolidation

While saving money is always a good thing, the education loans you consolidate will also be protected from rising interest rates.

In a sense, you are locking in the rates that you sign up for - so the rates never go down or up again. This can be especially important when reviewing options for bad credit college loans.

You will also have the chance to consolidate various loans in one place, rather than having them as multiple payments each month.

Whittling your loan payments down to one makes it easier for you to remember to pay as well as simpler to know what you need to budget for.

Making the Most of Loan Consolidation

But if you really wanted to make consolidation work for you, you might want to keep paying that higher payment for your loans.

This will help you reduce the number of payments you will need overall. Since you were already used to paying that higher amount, why not do this and really save yourself some money?

Not only are your monthly payments going to be lower, but your loans are going to be easier to pay off in the long run. And that adds up to smart thinking for anyone with debt.

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