Student Loans Consolidation Detail
Just yesterday, they were applying to college. And now they've graduated. Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets. Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks. Here's what you need to know before deciding to consolidate student loans.
How it Works
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans. Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.C.
"That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says. This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.
Just yesterday, they were applying to college. And now they've graduated. Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets. Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks. Here's what you need to know before deciding to consolidate student loans.
How it Works
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans. Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.C.
"That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says. This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
Student Loans Consolidation
No comments:
Post a Comment