Best Private Loan Consolidation for Students Who Are Undergraduate Or Graduate College Students

MARIETTA, Ga. - July 1, 2013 - PRLog -- All college students look forward to graduating and stepping into their adult lives. Six months later, they’re looking into private student loan consolidations because they can’t afford their separate loan payments each month.Credit-yogi.com is here to offer some guidance about this process, such as:

·         Why Consolidate?

·         Graduated Loan Repayment

·         Private Loan Consolidation Companies

·         Refinancing the Loans

Reasons to Consolidate

There are many good reasons to check out private student consolidation loans. One of them is to eliminate having several payments each month and getting down to just a single one. Another is to get a lower interest rate on the loan. This may or may not work, as if a graduate has several loans that all have different rates, the overall rate for the consolidation loan is the average of the combined separate loans. This may result in the merging loan’s rate being somewhat higher than the lowest individual debt’s rate and somewhat lower than the highest rate.

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Extended Loan Repayment

An agreement to extend the repayment time on one’s loans can be discussed by contacting one’s loan servicer. While getting an extension is not the same thing as obtaining private student loan consolidation loans, it can help reduce one’s monthly payment. The manner in which this happens is through lowering the interest rates on the loans one has, thereby making the payment lower. Many students have found success in this tactic to gain a bit more time for repaying their debts.

Companies for Student Loan Merging

There are private student loan consolidations companies out there whose aim is to help graduates afford paying back their debts. These companies base the interest rate of the combined loans on one’s credit score, so if it isn’t at least 640, the rates will be high. One of the businesses that will consolidate private loans is the Cedar Education Lending Private Student Loan Consolidation. The requirements for merging private loans are that they total a minimum of $7,500 and a maximum of $125,000 in undergrad  debt and $175,000 in graduate debt. Other companies are comparable to this one in terms.

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Look at Refinancing

Refinancing student loans is a different option than private student loan consolidation loans. When one refinances his loans, he totals all of them up and takes out one loan in an amount sufficient to cover the combined student loans. The loan is then disbursed to the creditors each month and the graduate has only one reasonable payment per month. The interest rates for a refinance loan are also based on one’s credit rating.

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