Consolidate Your Private Student Loans - How to Lower your Repayments and Improve Your Credit Score
You will no doubt have seen many articles and advertisements, telling you why you should look to consolidate your Federal Student Loans, once you have graduated from college. However, many graduates also have private student loans either instead of, or in addition to, Federal Student loans.
If you haven't already done so, you should consider a consolidation of these private student loans as well, and for good reasons. You probably already know that you can't consolidate Federal and Private loans into one loan or you risk losing federal benefits, such as deferment or subsidised rates, but you can consolidate your private student loans into one manageable loan and make good savings as follows:
Why Consolidate Private Student Loans
* By consolidating, you can significantly lower your payments in the first year, allowing you more money to meet day-to-day expenses, at a time when money can be really tight.
* You will only have one loan to manage if you consolidate, which gives you greater control over your finances.
* If you have Federal student loans as well and you consolidate these prior to your private student loans, you may be able to improve your credit score, which may in turn qualify you for a lower interest rate and you can fix the interest at the lower rate.
* In some circumstances, your interest payments on your loan may be tax deductible - this should, however, be checked with your individual tax advisor.
* With some loans, you can make interest-only repayments for the first 24 months, thus reducing your payments still further.
* With specialist student loan consolidation companies, there are no application fees and no penalties for repaying the loan early.
This is a tough financial climate and therefore you need to be on top of your finances - consolidating your private student loans makes great financial sense.
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