Student Loan Consolidation.yikes?
I now have $17,000 in undergrad thru SC Student Loan as well as $37,000 in Grad School thru Wachovia. Is converging a most appropriate choice for me? What have been a little great converging companies which dont have “fine print”, “gotchas” as well as “hidden problems”?
Any testimonials or advice? Suggestions?
Consolidation is RARELY a good option. Unless you can get a MUCH lower interest rate, forget it. Having one bill instead of two bills doesn’t help you any – the amount of debt is exactly the same. And stretching out the payments by getting a longer term is simply going to leave you paying more interest and being in debt longer. Your goal should be to be OUT of debt.
You’ll find good info on debt here:
Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.
Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.