Today, we’re talking about loan consolidation for student loans and pretty much this is something every student can do.
Normally you want to consolidate your loans after you graduate. The reason is every year, you take out a loan. It’s pretty much a new loan so you can have up to four or five loans based on how many years you took out student loans so consolidation is a good idea.
It is because first once you consolidate that means you’re only making one payment instead of possibly multiple payments each year as well as making your terms a little bit longer. Maybe you have a thirty-year payment payback period instead of ten year as well as possibly getting a lower interest rate before you can solidate your loan.
You’re going to first check out what the current interest rate is. You definitely want to get a lower interest rate than what you’re currently paying on for your loans and of course some lending agencies will just take the average of what all of your student loans are and give you that interest rate.
Brooke kramer – the financial aid officer at Argosy University in Salt Lake City