Due to economy uncertainties, many university and college graduates are facing difficulties to pay back their student loans when their grace period is over. To rescue this situation, the college student loan consolidation programs are offered to this group of people. These programs involve combining multiple student loans into just ONE LOAN at ONE FIXED interest rate, with ONE REPAYMENT monthly. It is indeed ideal for a person to consolidate his or her student loans when the interest rate is low during economy downturn.
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Why do we need these consolidation programs?
Consolidating multiple student loans is necessary for the following purposes:
o Reduce the monthly student loan repayments
o Improve the graduates' financial positions in the long run
o Reduce the graduates' financial burden as they are paying a lower interest rate
o Improve the graduates' credit rating
o Make the debt repayment process simpler
o Save more money in the long run
o Avoid the unemployed graduates from suffering financial difficulties
At the moment, federal and private student loan consolidation programs are the most popular programs in the market. Under federal consolidation program, a person is allowed to combine all his federal student loans into just one debt at a lower interest rate. No employment, collateral or cosigner requirements needed to obtain the approval. On the other hand, private loan consolidation programs are suitable for those who have non federal loans. These programs are normally offered to people who intend to lump their multiple private study loans together. The approval process is normally stricter as it is based on the credit score of the applicants.
You have to be very clear that different college student debt consolidation programs are offered to suit different individuals' needs. Each program has its different eligibility requirements for the applicants. It is indeed important for you to do your own research thoroughly in order to decide whether it is really worthwhile for you to consolidate your student loans.
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