Facts about consolidating student loans

Find out how to apply for federal and private loans.Read More It’s hard to enjoy classes and extracurricular activities when you struggle to afford books or a night out with friends.That is a sizeable, unwelcome gift to take home from school and it’s important to know how to minimize the damage.The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.Each one of these student loans has its own due dates, interest rates and payment amounts.

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Loans from banks or private lenders aren’t included.Paying for your education is a serious long-term financial obligation; that’s why comparing the costs of different ways of financing your education is so important.Private loans tend to have higher fees and interest rates than federal government loans.Payments prior to October 1, 2007 don’t count toward the 120 payments, so the first eligible date for this program is October 2017.The program also requires you to have 10 years of full-time employment in the public service sector to be granted student loan forgiveness.Find out where to get the financial help and how to manage the money you do have, to make the most of your four years of college.Read More For some students, college is four years of racking up debt, most of it from student loans and credit cards.The PSLF program also requires you to make 120 qualifying payments on the loan. Additionally, the payments must be toward the Direct Loans.Only then can you qualify for student loan forgiveness — if you meet the other criteria. If you consolidate loans into a Direct Consolidation Loan, your 120 payments begin with that first payment. Using student loans to pay for could cost you a whole lot more.The average college graduate in 2016, who took out student loans, owes ,172, a 6% increase from 2015.

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