Are you a recent graduate or getting ready to become a graduate of whichever college or university you have been attending? This is a great time in your life because you are going to be making some major changes, taking some steps forward, becoming an alumni, and best of all you get to start paying on your student loans. There is an easier way to deal with your loans and it is called online student loan consolidation. Here is how it works.There are a few things you have to understand before we get into online student loan consolidation. First, when you took out student loans each semester you probably took at least two different loans. This means that over a 4 year period you have at least 16 different loans. All of these are going to have payments of some amount due 6 months after you graduate or stop going to school. This will make life very strange as you try to manage all of these payments each month.
Second, you also need to know that you have more options for payment of these loans than just online student loan consolidation. You also have the option to defer your payment for up to 2 more years after the 6 month period. Also, any time you cannot make your payments you can use a 6 month period of forbearance for a financial hardship. You should also know that if you are enrolled at least part time in any school you do not have to pay on your loans.
Now onto the consolidation portion of this article. You can do this right online through many different lenders. The major things you want to make sure of is that you are going to still have the deferment and forbearance options, you will have a comparable interest rate to what you already have, and you will be able to get a monthly payment that you can afford. This will make your loans much easier to manage and you will be in a much better position financially by using online consolidation for your student loans.
By Chad Wistick
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