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Eliminating Debt Early With Private Student Loan Consolidation

Many recent graduates are finding it increasingly difficult to extend new payments. Graduation can be a milestone in itself, but along with a college degree are endless monthly bills. Living alone has never been easy. Private student loan consolidation is often used to lower monthly payments and improve credit ratings.

Accumulation of debts

Often, the accumulation of other debts is to blame for such a painful state after graduation. Take the case of 25-year-old Tamika Gambrel, who has a $60,000-a-year job but is still struggling to make ends meet. She has to pay $840 on the apartment, $280 on the car note, and a whopping $24,000 in credit card debt stemming from her college days. She talks openly about her debts:

“After four years, I left with only $28,000 in loan debt. Considering tuition, room and board at Colby alone was $35,000 a year, I think I did pretty well.”

Not everyone could put on such a brave face in the face of debt. Some simply decide to file for bankruptcy instead of getting a private student loan consolidation.

Fees that do not waive

According to the College Board:

“The cost of attending a public, four-year college or university in the 2007-08 school year — including tuition, fees, and room and board — was $12,796, up 35% over the past five years; for private schools, the cost it was $30,367.

These numbers are by no means fixed. As we all know, tuition fees and other related fees rise and fall depending on inflation and other economic forces. But people still want to borrow money for their college days because it’s actually a chance to have a better chance in life. Private student loan consolidation becomes a chance to get better rates in the end.

Know your debts first

To “retire” your student loans faster, you need to know your loans. Log on to www.nslds.ed.gov (National Student Loan System) to read about the specific details of various student loans. Check the status of your loans, as well as variable interest rates and principal. Also make sure you get the required personal identification password (PIN). This can be obtained from the Department of Education. Visit www.pin.ed.gov for more details.

Another important thing to remember is that federal loans and private loans are different. Federal loans have caps on their interest rates while private loans do not. Often, private loans are more expensive. And one more thing: federal loans and private loans cannot be consolidated into one large loan. They must be consolidated separately. And again, federally subsidized loans are backed by the government (Uncle Sam pays the interest rates while you’re in school).

Make sure you only go for attractive student loan consolidation deals. Gambrel’s case was actually good: she was able to get the consolidation with an interest rate of 2.87%. Gambrel admits, “I was very lucky. At the time I graduated, there weren’t many jobs, but the student loan consolidation programs were very, very attractive.” It just goes to show that careful financial planning can lead to beneficial results.

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