Help consolidating student loans
Help consolidating student loans - Live sex chatline
As long as you are up to date on your payments, you will be able to consolidate.
A federal consolidated loan is eligible for the government’s forbearance and deferment programs that can help you navigate around any speed bumps that may arise.
Staying on top of all that is no small or easy task.
As of 2017, the average student loan balance is ,144, and tripping up can bleed into other parts of your financial life, as your track record repaying student loans impacts your credit scores.
That said, care is needed in considering this move.
You are asking someone-Mom, Dad, your favorite aunt or uncle- to put their money on the line.
(Click here to see tip: What is a Good Credit Score?
) Adding a co-signer with a strong credit history to your loan application may help you snag a better deal.
A co-signer is legally responsible for making loan payments if you fall behind. Many private student consolidation loans charge a variable interest rate.
If you have strong credit scores, you may qualify for an initial variable rate that is less than the permanent fixed rate you would pay on a Federal loan consolidation (if you have federal loans). But be mindful that a variable rate may ratchet higher based on changing economic conditions, or if you fall behind on your payments.
A low variable rate today may not stay low over a 10-year repayment.
A higher interest rate will increase your monthly payment.
Moreover, if a borrower dies before paying off a federal student loan, the government does not require that the estate or heirs continue paying back the debt.