Should you consolidate student loans or no? Six months after your college graduation you are required to begin paying down your student loans. At this point college graduates usually decide whether they will pursue debt consolidation loans.
Today I wanted to share a few things to consider as your mind tries to decide whether student loans consolidation is the best option at the moment:
What is the interest rate on your student loans?
Student loan consolidation rates vary greatly. The unfortunate part is that you may lose a specific low interest rate that you currently have because the debt consolidation loan may not give you the lowest rate possible. At the end of the day, juggling a bunch of different interest rates make no sense. If you can lock in one low rate that you are comfortable with then go for it.
Do you currently have federal student loans or private student loans?
It is a lot easier when your student loans consolidation involves all federal loans. Private student loans are not as easy to consolidate and will usually require more research to find loan consolidation services.
No comments:
Post a Comment