Student Loan Consolidation: What Are Your Options?
American college graduates that attended school for four years had an average student loan debt of $29,400 in 2012, $2,800 higher thanin 2011. For a new graduate, a large student loan debt amount can be frightening, since the job market has yet to recover and lower paying jobs don’t pay enough to get someone out of debt quickly. On the bright side, it is possible to work out a student loan consolidation plan with Debt Relief Network that can relieve some of the burden.
Why You Should Consolidate Your Loans ?
Aside from organizing your financial situation before it gets any messier, consolidation can give you affordable monthly payments by streamlining all loans into one single payment plan. This will eliminate the need to juggle funds every month, meaning you won’t have to decide which bills get paid and which won’t.
More importantly, debt consolidation can keep you from acquiring a bad credit record, which is a poor start for anyone joining the work force.
What You Need Before Consolidating ?
If you have more than one loan, then this probably means you are paying loans with different interest rates. It is not uncommon for college graduates to have several separate student loans with different due dates.
While there are other options besides loan consolidation, many of these require that you land a job with guaranteed salary increases over time. These other options also do not give you enough leeway to afford the cost of living while you repay your loans. Furthermore, if you get hired for a job that does not promise promotions or pay increases, you could be putting yourself into a situation where you have very little room to manage your finances.
Thus, consolidation with www.debtreliefnetwork.com is probably your best option because you haveone exact amount to pay every month, which will allow you the chance to budget your funds appropriately.
Before applying for student loan consolidation, you should have some specific information ready, including:
Total loan amount, not including loans taken out by your parents to pay for college tuition.
Type of loans, such as subsidized or unsubsidized, federal or private. Keep in mind that private loans in default have requirements that will need to be met before any consolidation can take place.
Interest rates per loan and type of interest rate, such as fixed or variable.
Current loan benefits such as forgiveness options.
The Benefits of Student Loan Repayment Help
At this point, it is critical that instead of gnashing your teeth over your student loans, you are upbeat that you have better credentials and employment prospects than those without college degrees. All you need is a plan on how to repay your loans and reduce the high interest rates.
With our student loan repayment help, you have access to alternative loan repayment plans. We can also help you switch to a fixed interest rate. In addition, with consolidation, you can choose a repayment plan that can last anywhere from 10 to 30 years, and you will get a grace period before the first payment is due.
Debt Relief Network is not a loan company. We are an A+ BBB accredited financial services company and we have been helping students find debt relief since 2001. We work with those who have just graduated to find solutions to their student loan problems,thereby allowing them to enter the work force with higher confidence and an upbeat outlook on their future.
Our website www.debtreliefnetwork.com has Live Chat available, or you can speak with a representative on the phone or over email about your options based on an analysis of your current loan situation. All you need to do is contact us now so you can start your career on a positive note.