The Student Loan Consolidation and Repayment Process can be one of the most complicated financing decision you will make in your lifetime. Unlike other financing decision you normally have only one lender with limited loan terms. The first step in this process is to organize your student loans by type of loans. The federal loans and the private loan have different repayment options. If you have both types consolidating these loans will allow you to better manage this debt.
By getting organized and consolidating your student loans various repayment options will become easier to create a plan. The consolidation will reduced the number of monthly payment and improve your ability to track you progress. By consolidating your student loans you also reduce the risk of missing a payment avoiding a loan default.
Understanding how to consolidate your student loans and the advantages of consolidating your student loans are presented in this video. Items discussed:
- Creating an inventory of your Student Loans
- Separating Federal and Private Student Loans
- Understanding the different types of Federal Student Loans
- Advantages of Federal Student Loan Consolidation and Repayment Plans
- Impact of Federal Student Loan Direct Consolidation and Loan Forgiveness
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