| College tuition is on the rise and both students and | | | | Disadvantages |
| parents are seeking additional methods to help pay for | | | | It is important to consider both the advantages and |
| the soaring costs. Student loans, grants, work-study | | | | disadvantages before taking action on a student |
| and scholarships are common ways to supplement or | | | | consolidation loan. |
| completely pay for the cost of college. | | | | Advantages include: |
| Student loans are probably the most popular of | | | | - The reduction of monthly re-payment amount |
| financial aid sources. It is quite usual for a single student | | | | - Lower interest rate, which may save you money |
| to take out multiple loans to cover the many expenses | | | | over time |
| of a college education - tuition, books, dorm, | | | | - Organization of loans - make only one monthly |
| transportation, etc. | | | | payment Disadvantages include: |
| At the end of a college student's career, many | | | | - Possibly paying more money over the life of the loan |
| students often find themselves facing a daunting load | | | | - Most likely paying on the loan for a longer amount of |
| of financial payments which start after a six to nine | | | | time - 10 to 30 years |
| month grace period after graduation. | | | | - There are few options to consolidate this loan later If |
| Many students turn to College Loan Consolidation to | | | | you decide that college student loan consolidation is for |
| reduce the stress of multiple, high payments, opting for | | | | you, start by conducting comprehensive research.Begin |
| the lower payments and extended terms of a student | | | | with federal student loan consolidation programs such |
| consolidation loan. While there are advantages to | | | | as Federal Family Education Loan Program and Direct |
| consolidating college loans, students should fully | | | | Loan Consolidation. |
| analyze and research all of the aspects of this | | | | They offer fixed interest rates capped at 8.50%. |
| process.. | | | | There are also other free resources to help you make |
| College Loan Consolidation - Federal vs Private | | | | a decision. It is important to shop around and gather as |
| Federal loans are more popular than private loans for | | | | much information as possible in order to make the best |
| a few reasons. Federal loans have lower and fixed | | | | decision. |
| interest rates and additional benefits such as grace | | | | For private student loan consolidation, inquire with |
| periods. Private loans are likely to have higher interest | | | | various lenders both offline and online. Many times, |
| rates, and no grace periods. | | | | online vendors provide a lower interest rate and quick |
| When consolidating, keep the types of loans separate | | | | approval times. |
| in order to retain the benefits of the Federal loans. | | | | Perform exhaustive research until you are completely |
| Federal loans provide a cap on the interest rate, along | | | | comfortable making a decision, as this decision will |
| with fixed interest rates. | | | | make quite an impact on your financial future for years |
| College Loan Consolidation - Advantages and | | | | to come. |