Consolidating graduate school student loans
Consolidating graduate school student loans - invalidating your
Lenders for the federal loan program include the federal government’s Direct Loan Program or a Federal Family Education Loan Program (FFELP) lender, such as the very well known Sallie Mae.
Luckily, consolidation is an option that can make this a reality.
Also FFEL consolidation loans are exempt from credit checks.
Also, because timing matters (see below), make sure your lender allows you a grace period in which to add another loan.
This process will extend your payments over a longer time, but it will cut them down sometimes to half of what they would be.
These smaller, more manageable payments can make a world of difference when you are just getting started on your financial career.
Advanced degrees often come bundled with advanced levels of student loan debt.
Students may be tempted to stay in school beyond their undergraduate degree as a way to keep from paying off their first student loans, but the debt keeps growing as their education continues.
You may consolidate through the Federal Government’s Direct Consolidation Loans Program if you have a subsidized and/or unsubsidized Stafford Loan to include in the process.
Consolidation of your federal loans through a FFELP lender are best compared for their borrower benefits, the only freedom most lenders have with the federal family of loans.
This may be very useful in the long run as you get closer to paying off your debt entirely.
Private student loans for graduate students have grown in popularity over the last five years both on their own and as a way to fill in the gaps in cost that federal loans and grants/scholarships do not cover.
Regardless of the repayment situation, graduates struggling to juggle monthly payments must consider consolidation an option.