Advantages and disadvantages of consolidating student loans
Since we know that knowledge is power and that knowing your options can save you a whole lot of money and stress, we wrote this guide to help you proactively make informed decisions when paying off your student loans.
This guide will cover everything from the basics of student loans, to how to avoid defaulting on your loan.
Whether you are on the brink of taking out student loans, or you are right in the thick of paying them off, this guide is for you.
There is a lot to consider when paying off student loans, and it pays to know your options.
This means that you will be paying interest on a higher amount after college.
Thankfully, there is an option available to those that want to avoid the extra cost of capitalization: you can make “interest-only” payments while you are still in college.
Note: Many students graduate college with several different types of loans.
It’s important to handle each loan separately and understand the nuances of each.
We will go into depth on the subject of Income-Driven Repayment Plans (including a student-loan calculator that will help you compare them) and discuss how and when to consolidate or refinance your loans.
After identifying two great strategies that will help you quickly pay off your student loans (if you have the ability to pay a little extra every month), we will talk about the in’s and out’s of all the available student loan forgiveness programs, including teacher and military forgiveness.