Student Loan Debt Consolidation
If you left college with a hard-earned diploma and a substantial student loan debt, you aren’t alone. Over 44 million Americans carry some sort of student loan debt; the total student loan debt currently outstanding is a staggering $1.3 trillion.  The average 2016 college graduate began adult life with over $37,000 in student loans. Nearly 6% of college graduates, particularly those who attended more expensive universities, switched majors, or pursued advanced degrees, owe more than $100,000 in student loan debt when they enter the workforce.
Most students take out more than one student loan throughout their college years. In some cases, students take out new loans at the start of a new semester or a new college year. Other students take additional student loans on top of those they have to cover the unexpected costs of a college education. Managing multiple loans, with their varied interest rates and payment requirements, can be challenging.
Rather than contend with multiple student loans, many college graduates choose to consolidate them. Student loan debt consolidation can make managing debt simpler and more efficient for people just entering the workforce and attempting to establish a budget. However, before deciding whether to pursue student loan debt consolidation, weigh all your options. Here are several things to consider first.
Key Takeaways
- Student loan consolidation combines multiple loans into one for easier management.
- Benefits include simplified payments, lower monthly costs, and fixed rates.
- Downsides include longer repayment, potential loss of existing benefits, and possibly higher interest.
- Federal and private consolidation options are available, with terms based on the borrower’s profile.
- Graduates should weigh pros and cons to decide if consolidation aligns with their financial goals.
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If you left college with a hard-earned diploma and a substantial student loan debt, you aren’t alone. Over 44 million Americans carry some sort of student loan debt; the total student loan debt currently outstanding is a staggering $1.3 trillion.  The average 2016 college graduate began adult life with over $37,000 in student loans. Nearly 6% of college graduates, particularly those who attended more expensive universities, switched majors, or pursued advanced degrees, owe more than $100,000 in student loan debt when they enter the workforce.
Most students take out more than one student loan throughout their college years. In some cases, students take out new loans at the start of a new semester or a new college year. Other students take additional student loans on top of those they have to cover the unexpected costs of a college education. Managing multiple loans, with their varied interest rates and payment requirements, can be challenging.
Rather than contend with multiple student loans, many college graduates choose to consolidate them. Student loan debt consolidation can make managing debt simpler and more efficient for people just entering the workforce and attempting to establish a budget. However, before deciding whether to pursue student loan debt consolidation, weigh all your options. Here are several things to consider first.
Key Takeaways
- Student loan consolidation combines multiple loans into one for easier management.
- Benefits include simplified payments, lower monthly costs, and fixed rates.
- Downsides include longer repayment, potential loss of existing benefits, and possibly higher interest.
- Federal and private consolidation options are available, with terms based on the borrower’s profile.
- Graduates should weigh pros and cons to decide if consolidation aligns with their financial goals.
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- Up To 50% Lower Monthly Payments
- Reduce Multiple Payments to One
- Debt Free in 24-48 Months
- Quick 2-Minute Approval