Student LoansIt’s that time of year! congratulations to all the mid year college graduates! That’s a helluva Christmas gift to give to yourself. You’ve earned it, finally.

After the euphoria has gone many of you have the realization that you have a crap load of student loans to pay back. It’s a bit of a shocker sometimes especially if you haven’t gotten a job yet.

School loans can weigh you down like a lead necklace especially if you have a bunch of them. One of the first things you should do is consolidate them in to one payment.

Fortunately, school loan consolidation is a pretty simple process. Typically no credit report is needed and no longer will you need mom and dad to cosign for you.

You are able to get lower interest rates and you have some flexibility in payment terms. For instance, when I consolidated my student loans, I chose a graduated payment plan. This lets you make a smaller payment at first, when your income is low, and a gradually increasing payment over time.

Now, I mention the scenario with folks graduating this semester but it doesn’t matter if you’ve been out of school for 3, 5, or even 10 years. You should still consolidate those loans!

Tags: student loan consolidation, school loan consolidation, college loan consolidation

Filed under: Student Loans

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