Many people who have student loan debt after they exit college will sometimes turn to a low interest student loan consolidation if they have multiple college loans. Various student loans can cause trouble for some people after they graduate because there are multiple due dates required on multiple loans. Graduates who have more than two or three student loans may benefit from a student loan consolidation.
Typically, some of the more affordable student loan consolidation loans with low interest come from the federal government. Federal student loan consolidations often will bring in an affordable interest rate and a variety of options that can help you in handling your debt.
However, private student loans can’t be consolidated with a federal student loan consolidation or at federal student loan consolidation rates. Yet, if you have federal student loans you may be able to qualify for a low interest student loan consolidation, an income-based repayment plan, various forbearance options or deferment plans, and even student loan forgiveness.
It’s important to remember student loans may not always consolidate. Aside from private and federal student loans, there are also other types of student loans as well that will not consolidate into one loan. For instance, unsubsidized and subsidized federal student loans usually do not consolidate so it’s important to check on what types of loans you have before considering a student loan consolidation.
Student loan consolidation, also, may not be in everyone’s best interest. Someone with only two or three student loans will be able to repay those loans in a timely manner and with less money spent overall if they will keep them separate. If you’re having trouble repaying their student loan debt it’s important that you contact your student loan lender to ask about options and assistance that is available so that you can avoid missing a student loan payment or worse.