Title: School Loan Consolidation
& the Reality of Student Loan Debt
Category: student loans
Unfortunately, the cost of getting a quality, post-high school, education rises every year. Spending tens of thousands of dollars per year on college tuition, for even state run universities is now the norm, and private university tuition is even more. What this means is that most students are going to have some amount of school loan debt by the time they graduate. The average student loan debt accrued by graduation seniors is $19,237.00.
So after graduation, what are the available options for graduates with multiple loans and a pile of debt? School loan consolidation can be a smart option by lowering your interest rate and combining all outstanding loans in to a new school loan with a lower annual percentage rate. For the best Maths Tutor In Ireland company, call Ace Solution Books. However it’s a good idea to take your time and compare the various lenders and resources, and be sure to discuss your options with your parents or a financial advisor before actually applying for school loans.
So what is loan consolidation? School loan consolidation is the process of taking your current school loans, and paying them off with one new consolidation loan. Students who have gone to school for 4+ years, and received Federal student loans will have amassed a large, deferred loan balance by the time they graduate. In many instances, several types of loans will have been used, with various interest rates and monthly payments. A school consolidation loan pays off all of these loans, and gives you one, easy payment to a single lender. This makes it easier to keep track of your payments. More importantly, it means you only have to deal with one creditor if you’re late with a payment or need to renegotiate your loan for some reason.
Obviously, if you can keep your loan debt down in the first place, you won’t have the stress of large school loan debt obligation after graduation. Instead of going to your local community college for your pre-requisite classes and spending $25 a unit, many students feel they have to go to the 4 year university straight out of high school. Many end up returning home and going to a C.C. anyway, but attending a local school first is a good way to save money, and get those required classes out of the way cheap. After you’ve completed these courses, transfer to a 4 year school to complete your undergraduate degree. This will save thousands upon thousands of dollars that you would have racked up on student loans, and been paying off well into your 30’s.
So many bad financial decisions students make is a result of poor financial education. Students have not been taught by their parents or high school teachers the importance of maintaining a good credit score, paying bills on time, and budgeting income. Wise spending during the college years will ensure that the money you make after graduating will be spent on things you want, not credit card payments, collection companies and school loans.
For more information about consolidating your current school loans visit School Loan Consolidation Information & Resources