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Student Loan Adviser Schimeon Frederick On How Consolidating Student Loan Debts Work

By Author: Fredrick Walker
Total Articles: 2

Many college students and recent graduates likely have multiple student loans that they need to pay off. Consolidation provides them with an easier alternative to do so by taking all those loans and combining them into a single one.

By consolidating loans, the borrower only have one “superloan" to pay off, and have to worry about just a single interest rate and monthly payment. Typically, all federal student loans and most private student loans can be consolidated, but private loans can only be lumped with other private loans. To find out if their loans qualify for consolidation, or if the move is a good one for them, students and graduates can seek guidance from
experts like Schimeon Frederick.

In addition to the convenience of paying off only a single loan, consolidating federal student loans also offers alternative repayment plans, which can make the process less burdensome. These include an extended repayment period, graduated repayment, income-contingent repayment, and income-sensitive repayment plans. These repayment plans provide borrowers with several options against which they can weigh their current situation.

Extended repayment lengthens the repayment period to anywhere from 12 to 30 years. Graduated repayment allows payments to start low, then gradually increase every few years. Income-contingent repayment takes the borrower's income into account, and allows changes in the monthly repayment amount according to changes in the borrower's income. Income-sensitive repayment involves calculating the monthly payment as a percentage of the disposable income.

There are a number of benefits for consolidating student loans, from having a streamlined payment, to lower interest rates and lower monthly payment amounts. It also helps in making repayment easier to manage. Also, the amount of time required to repay the loans is often increased, though it comes at the cost of a higher total interest payment. However, this also means that there will be less to pay each month.

Students and graduates who are looking to pay off their student loans and would like help in handling it should consider consolidating. Advisers like Schimeon Frederick can assist anyone who is in need of student loan consolidation, and is looking for the best consolidation option. For more information about federal student loans and private student loans, go to bankrate.com/finance/debt/consolidating-student-loans-1.aspx.

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