Consolidating student loans federal program
Each one of these student loans has its own due dates, interest rates and payment amounts.Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.One of the best places to start looking is the federal Direct Consolidation Loan program.If you did borrow money for college, chances are you received a new loan each semester.It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.However, it may end up costing you more money in the long run.Max Fay is a recent graduate from Florida State University's Communications School.
Understanding the difference between federal and private loans and your consolidation and repayment options can save you thousands of dollars.
He has written for several newspapers in the state, including the Miami Herald, Orlando Sentinel, Tallahassee Democrat and Florida Times Union.
Comparing Federal and Private Loans Evaluating Lenders and Offers Assessing Your Finances Community Q&A With the price of education skyrocketing these days, especially in the U.
Some companies promise to help reduce student loan debt, but there’s nothing they can do for you that you can’t do yourself for free.
And some of the companies that promise student loan debt relief are scams.
S., student loans can be an onerous burden for many adults just starting their careers.