Nearly half of all college graduates reported taking out some kind of student loan to help finance their education. Since most graduates take out loans to pay for their college, many are choosing to use student loan consolidation to ease their financial burden after graduation. The following paragraphs will take a closer look at what student loan consolidation is, as well as the interest rates associated with student loan consolidation.
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Student loan consolidation is the process of consolidating several student loans into one loan, then paying off all initial student loans with just one monthly payment. In general, the monthly payment will be less than the combined non-performing loan payments plus the consolidation rate of interest on student loans. You can choose up to 30 years to repay the new loan. While all of this has been beneficial so far, there is a clear drawback associated with college loan consolidation.
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