Consolidating student loans after graduation
It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.
Lucky grads who come out earning decent salaries are typically among the set wooed by top engineering and tech companies, or those with which they’ve done internships.You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.The Direct Consolidation Loan program is the right choice if your goal is to simplify the process and keep your options open for the many repayment plans available for federal loans. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.Contact your school if you can't locate any records. Know Your Grace Period: Different loans have different .A grace period is how long you can wait after leaving school before you have to make your first payment.