Consalidating loans

Being in debt is stressful, as it affects every aspect of your life.The truth is that while credit card bills start rising, you don’t have to be in that situation forever.

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The amount of time you have to pay back your federally consolidated loan will depend on how much you owe: When you refinance privately, you could have your pick of multiple loan terms, depending on the company.

A longer repayment term means a lower monthly payment.

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It means you can consolidate your private loans — as well as your federal loans — with a private bank, credit union or online lender.

Refinancing is an option if you have a credit score in at least the high 600s and a steady income, and are unlikely to need the safeguards of federal loans, such as income-driven repayment and loan forgiveness.

You can consolidate any federal loans you have after graduating into a single federal direct consolidation loan.

You can also consolidate privately by refinancing student loans.

When you consolidate, you’ll have only one loan payment to make instead of several.

It’s a good idea if you have an assortment of loans that add up to more than ,000 and you’re having trouble keeping track of them.

After you get the loan paid off, it would be wise to channel those funds into a savings account of some kind, so you have cash on hand for emergencies.

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