Source: Http:financeequityloans.comCategory: Student LoansArticle Body: Student Loan Debt Consolidation Can Be A Lifesaver If You Are A Recent College Graduate Faced With A Pile Of Student Loans To Start Paying Back. If You Are Like Many New Grads, You Probably Have At Least 8 Separate Student Loans To Juggle Each Month Since A New Federal Student Loan Is Written For Every Semester Of Study. You Have Enough To Worry About With Starting A New Career And Setting Up A New Household; It Is Easy To Overlook Paying All Those Bills Each Month. Or Even Worse, Maybe You Can't Find Employment And Are Wondering How To Make All Those Loan Payments.This Is Where Student Loan Debt Consolidation Comes To Your Rescue. You Can Combine All Those Individual Loans Into A Single Loan With Only One Easy To Manage Payment Each Month. Convenience Is Not The Only Advantage; There Are Other Benefits To A Student Loan Consolidation.When You Take Out A New Consolidation Loan, All Of The Other Individual Student Loans Appear As 'paid Off' On Your Credit Report Which May Work In Your Favor And Increase Your Credit Score. If You Have Federal Student Loans Then You Will Qualify For A Federal Consolidation Loan Which Means You Will Get A Low Interest Rate On Your New Loan. Add That With The Fact That Student Loan Debt Consolidation Loans Are Generally Written For Longer Time Periods And That Equals A Lower Monthly Payment Than You Originally Had.Even Though The Life Of Your Student Loan Debt Consolidation Will Be Longer, Having Lower Monthly Payments When You Are Just Starting Out In Life Can Be A Big Advantage To Your Financial State. There Are Different Options For You To Choose From When Selecting The Consolidation Loan That Is Right For You.Some Consolidation Loans Will Allow For Lower Monthly Payments At The Beginning Of The Loan And Higher Payments Years Into The Future Which Should Coincide With Your Career Advancement And Higher Salary. Another Benefit Of Student Loan Debt Consolidation Is That You Might Become Eligible For An Extended Deferment Period Which Will Be Extremely Helpful If You Are Unable To Find A Job Right After Graduation.There Are Actually Four Different Types Of Federal Consolidation Loans That Are Designed To Free Up Your Finances And Make Your Life A Little Easier. If Your Circumstances Change Throughout The Years, You Can Switch Back And Forth Among Plans. The Standard Plan Combines All Of Your Loans Into A Single Loan And The Payments Are Divided Equally Over A Span Of 10 To 30 Years. The Graduated Plan Starts You Off With Very Low Payments Which Cover The Interest Payment For The First Two Years And Then Increases Every Two Years For The Life Of The Loan Which Can Be Extended To 30 Years. The Contingent Plan Allows For A Loan With A Life Of 25 Years Which Has A Payment Amount Contingent Upon Your Salary And Family Size. The Extended Plan Is For Student Loan Amounts Over 30,000 And Spreads The Loan Over A Repayment Period Of 25 Years With A Minimum 50 Monthly Payment.Student Loan Consolidation Offers Many Advantages To College Grads And Very Few Disadvantages. You Can Learn The Exact Details And Apply Through The Financial Aid Office Of Your University Or On The Official Government Student Loan Debt Consolidation Website.
