Many students that leave college with multiple forms of student debt often feel that repaying all of those student loans is an impossible task. During a typical grace period given after a student graduates, seldom does student loan repayment come to mind. However, when lenders come calling for their money many graduates pay for a short while then simply give up and default.
Yet, a low interest student loan consolidation is going to benefit many college graduates that feel overwhelmed by their student debt. Consolidating student debt can be done through a variety of organizations like the Federal Direct Loans Program or private lenders.
However, rolling student loans into one easy payment with a low interest rate can be convenient, but there are a few things of which you should be aware. Yes, consolidating does make repaying and controlling student debt easier and many people are fooled by the low interest rate, but beware of the repayment time frame given for your loan consolidation.
A long repayment plan can make even a low interest consolidation cost much more over the long run, so it would help you alleviate your debt if you paid more than the minimal balance each month.
Just remember though, consolidating your debts is going to make multiple forms of student loans more manageable and it always the better option over defaulting. If you take the time to research, you will find a consolidation plan that is right for you.