After the books and lectures are finished and you’ve made the walk across the stage for your degree you next big worry is paying back your college loans. Only 5% of students are able to get a full ride with scholarships, so don’t be disheartened about having to take out some government student loans. You can get advice from your college loan counselor. If you need some advice on how to consolidate your loans, or college loan consolidation, but while their advice is sound in theory, you should also consult people who have actually started paying back their loans and compare theory to reality. This might be your best option to one day in the near future to be completely debt free as well as having a great credit report to boot.
Consolidation loans are loans used to pay off any of the Stafford loans, or any other federal student loan you have currently. As far as college loan consolidation goes, this is one of the better options since you are collecting all of your loans into one mass and only paying interest on one sum. Unfortunately, if you have multiple loans the amount of the loans will increase and subsequently so will your interest. You should employ your own personal loan calculator in order to keep your finances in order as it relates to loans. As you seek ways to consolidate your loans you should consider all options. There are even government programs you can seek for debt forgiveness. Student loans without a cosigner are the best way for parents to protect themselves in case their child has trouble getting a job out of college.
Consolidation of government student loans can also involve the reduction of debt interest. You can also try to get smaller monthly payment plans or even deferment in the interest of further study. Pell Grants can be taken out to fund their Associate’s degree, but most positions in today’s competitive job market require at least a Bachelor’s degree. Therefore subsidized and unsubsidized loans are needed to pay for the rest of the degree as it is needed. Fees for tuition have risen over 40% in the last few years and loans as well as college loan consolidation has become a necessity.