Of consolidating student loans
So you may you just finished celebrating the best 4 years of your life and one of the greatest achievements of your life by graduating with your college degree.
Your life and future looks to be full sunshine and promise. Then on one of those bright sunny days a visit to your mailbox ends with a nice little letter describing how for the next 30 years you will be paying back nearly a mortgage payment back for your student loans.
Now that we have discussed some of the benefits to why you should consolidate your student loans, now we can talk a little bit about some of the aspects of student loan consolidation that important to know before making your decision to consolidate your student loans.Also, some servicers will allow you to have a lower interest by you opting into a auto payment plan. Student loan default can be a real serious matter if not addressed, Default happens when a borrower has when over 270 days without making a payment.Student loan default can lead to terrible penalties like, tax offsets, wage garnishments and bad credit.Parent PLUS loans generally have higher interests of about 8.25%.Still by student loan consolidation you can get a weighted average interest rate which is somewhat lower than a normal interest rate.