In any case, you still have outstanding debt on your shoulders.Before you move forward from this position and start paying back these loans, do think about student loans consolidation; an excellent way to make the process of repayment less complicated.
As you weigh the pros and cons, keep in mind that timing is critical.
With just a few exceptions, you get only one chance to consolidate with the government loan programs.
If you’re having a tough time juggling multiple student loan payments, consolidating them may be the way to go. If you have questions about consolidation before you apply, you can contact the Education Department’s Loan Consolidation Information Call Center at 1-800-557-7392.
Consolidating your student loans means combining several loans into a single loan, meaning all those monthly payments get rolled into one. A Direct consolidation loan allows you to consolidate multiple federal education loans into a single loan so you’ll have a single loan payment to make each month, instead of three or four or more.
Private student loans can also come in handy for unexpected educational costs that aren’t covered by a federal loan.
When you graduate or leave school, your student loan will go into repayment and you will need to assess whether or not your loan is really the best deal out there.Process of achieving the best student loan consolidation It is integral to know before starting the process of consolidation that it is not possible to consolidate federal loans and private student loans into one loan as the terms and conditions are markedly different; moreover, you may end up losing the several benefits of federal loans.Federal Student Loans Consolidation First and foremost, opt for direct student loan consolidation i.e.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.Direct Unsubsidized Loans do not require borrowers to have demonstrated financial need and start to accumulate interest as soon as they are awarded.