Consolidating Student Loans

The current nature of student loans tends to place the unsuspecting student in financial turmoil upon completion of their respective degree. Currently, 75% of all graduating college seniors find themselves in some sort of debt brought on by a combination of both federal as well as private student loans. These loans are primarily taken to cover the additional costs of attending a traditional University when other forms of financial aid such as grants, scholarships and work study programs, which do not require repayment, are maxed out. What’s even more alarming is the average sum of $22,700 in student loan debt owed to various financial institutions by two out of every three graduation student.

Thankfully, consolidating student loan debt remains a viable option today – even more so given the recent economic recession. The surge in unemployment coupled with sweeping layoffs across the country has created an influx in both undergraduate as well as graduate enrollment. This increase in enrollment has created a drastic decrease in the amount of funds available for students who warrant non-loan monies either through their demonstrated need or merit. This leaves students with very few options such as: Federal Staffard loans (Subsidized and Unsubsidized); GradPlus loans; Private loans; and Alternative student loans. As the semesters pass by, the interest rates on these loans accrue while students are still enrolled resulting in an astronomical sum to be repaid after graduation.

However, by consolidating these private loans, students are able to negotiate both a lower interest rate (as much as a .5% decrease) as well as a single monthly payment which services all loans outstanding. Economic conditions being what they are presently, students may find that previous lenders are more willing to work with them to achieve a payment plan that is mutually amicable to all involved.

Our site is thus committed to providing all of the relevant information as well as the latest trends in the student loan consolidation market. Our goal is to both inform and empower students with the information they need to make the most educated decision possible when considering student loan consolidation.

If there are any questions that aren’t answered throughout your exploration of the site, please feel free to contact us and we will endeavor to help by providing the best and most expeditious response possible. Also, please feel free to leave any pertinent comments that may help others in their quest to be debt free!