Is consolidating my student loans a good idea
3) Confusion because of too many bills Another common obstacle to getting out of debt is when the sheer number of bills you receive makes it hard to even keep track of which payment is due on which date. While there are some real benefits to debt consolidation, it’s extremely important that you do your homework and understand there’s a wide range of options when it comes to debt consolidation loans – some are good, some are bad, and some are downright predatory.
Consolidation can help with this problem by reducing the number of bills you get down to a single one. Check your rate using Ready For Zero's free debt consolidation tool.
To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.
When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.
Yet despite the appeal -- and its popularity -- student loan consolidation isn't for everyone.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.Right now this year’s crop of college graduates is being bombarded with the student loan consolidation mantra.