It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.Each one of these student loans has its own due dates, interest rates and payment amounts.Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.
Many PT students and recent grads are confused on the topics of refinancing and consolidating student loans.
A loan of any kind is a serious financial undertaking, and the informed student is in a much better position to find the most beneficial loan package available.
Many people are understandably hesitant to borrow money.
Any loan is a serious commitment, and should not be entered into lightly.
Having said that, student loans are often necessary to make it possible for a young person to fulfill their college dreams.