With college graduation ceremonies taking place this spring, how can students get off to a good start when it comes to managing their student loan repayments?
Loan consolidation is one option. A Federal Consolidation Loan combines all eligible loans into a single, new, federally guaranteed loan that has a longer repayment term, a fixed interest rate that cannot exceed 8.25 percent and the convenience of one monthly payment. Most important, borrowers who apply for a Federal Consolidation Loan before July 1 can potentially lock in an interest rate as low as 4.75 percent for the duration of their repayment period, which can extend as long as 30 years.
Before consolidating, however, borrowers should carefully consider their decision, says Patricia Scherschel, vice president of loan consolidation for Sallie Mae, the nation’s leading provider of education funding and the largest consolidator of student loans. While consolidation is beneficial for most education loan borrowers, it is important that they make an educated choice, she says.
“This is the start of a long-term financial relationship with your consolidation loan provider,” says...
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