from the minute you start payingback your student loans, you're going to hear about opportunities to consolidate. that meanscombining all of your separate loans into one larger loan, sometimeswith a smaller monthly payment. you get the convenience of trackinga single monthly payment instead of several, so you knowexactly where your debt stands. and who doesn't
Student Load Consolidation, want a smaller monthly payment? a show ofhands? exactly. for most of us, that's a pretty greatidea. especially when we're fresh out of school, struggling to get our careers in motion. keepin mind, if you've already got fixed rate loans, you may not save money by consolidating.a loan company will take the average interest rate
on all of your loans and round up to the nexteighth of a point. so the difference between what you're paying now and what you'll paylater may not be significant. on top of that, your monthly payment is only smaller if you'restretching those payments over a longer period of time. ifyou pay off the same amount in 20 years instead of ten, you'll generally end up paying twiceas much in interest. that's some simple arithmetic. still, for some of us, consolidation may bethe best way to help manage a mountain of debt. if you do consolidate, you should give somethought about whether or not to extend your repayment term any further than ten years.because the quicker you can get that debt off your back, the better off you'll be!
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