Consolidating college access loans
(I’ll explain this in more detail later on in this article.) Various private lenders also offer consolidation loans.Some even allow you to include federal student loans in a private consolidation loan.
Federal consolidation loans are for — you guessed it — federal student loans.is committed to providing students and families with resources to make informed decisions on how to prepare and pay for college.This site is brought to you by Discover Student Loans, one of the largest providers of private student loans.There’s also the possibility that you could secure a lower or fixed rate on your student loan debt.Consolidating my student loans about a decade ago was one of the best financial decisions I ever made, but a lot of things have changed since then.Their average debt load was $25,600, up 24% in a decade, according to The College Board.
Throw private school grads into the mix, and the average American owes $29,000 in student loans, according to Equifax.
According to The College Board, the cost of one year at a private, four-year college has jumped 146% in the past three decades to $31,231, while the cost of a four-year public school has skyrocketed 225% to $9,139.
Those figures are adjusted for inflation — they would be even gaudier if not — and they include only tuition and fees, not living expenses.
In this guide, we’ll take a look at the current pros and cons of consolidation, including what is probably the most important question: Will it truly save you any money?
If you’re pressed for time, here’s a quick summary of the major points I drive home in this guide: The price tag of a college education is more daunting than ever.
It’s important to remember that these numbers are averages — some students manage to earn their degrees with far less debt. But wherever you are on the spectrum, being an informed borrower can help you stay organized, figure out the best way to pay back your debt, and maintain a reasonable lifestyle while you’re doing it.