If you graduated in May, you probably went into repayment for most of your federal student loans last month.
What’s great about the new process is that it links up with the National Student Loan Data System (NSLDS), which keeps tabs on all of your federal student loans.
The new site automatically pulls all of your student loans into your Consolidation loan, so you don’t forget to include any. ) To keep a loan out of your consolidation (like a Perkins loan, for instance), you would have to consciously remove it.
When it comes to debt consolidation, it's important to be aware of the advantages and disadvantages before you take on new debt.
Debt consolidation, or credit card consolidation, involves taking out a new loan to pay off multiple debts or credit card balances. Debt consolidation companies argue that borrowing money at a low interest rate to pay off loans or credit cards at a higher interest rate can save you money, or help you pay off the debt sooner.
It's a highly effective strategy that has worked for many of our clients.