Student Loan Advice

So you’ve graduated - top of the class no doubt - and you’re ready for the world of work. You also probably have a series of large debts which you have used to pay for the education you have just so expensively received. What you need, therefore, is a little student loan advice. There is really only one important piece of such student loan advice. You want to think about consolidation and refinancing of those loans.

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There are private companies and banks that can help you do this, and you can also go direct to the Department of Education. The question is, why would you want to consolidate? Firstly, there is the ease of having just one easy payment to make each month. Much easier to remember just the one rather than the smaller, different ones that have to go off to all the different lenders. The second reason is that the various exemptions and deferrals you have, like low income, or a certain number of months before you have to start making repayments, can all become renewed when you refinance. So you get a little more breathing space.

The most important piece of information, though, is that interest rates are on the rise. So any sensible student loan advice would advocate moving from the adjustable interest rates that are charged on the original student loans to a fixed rate. That way when rates rise your payments won’t. Fortunately, that’s exactly what a consolidation and refinancing does: puts your one consolidated loan on today’s fixed interest rate, and could thus save you a great deal of money in the years to come.