College students who are paying for their education with student loans have the luxury of wholly forgetting about having to pay back their loans. That is because they are not required to pay back the loans while in school, allowing them to focus on more foremost things like earning good grades, partying or both (depending on the student!).
However, with graduation comes the rude awakening that they have tens or hundreds of thousands in student loan debt. After the short post-graduation grace period for the loan ends, the student is sent his or her first repayment invoice. Many students caress introductory sticker-shock at looking this invoice, but soon they resolve into the grim reality that they will have to be making these payments for many years to come.
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As time progresses, most grads face the occasional cash-flow crunch. This crunch is normally brought on by the realities of life for anyone in their 20s and 30s, along with the need to get an apartment, buy a home, get married, and start a carrier.
Unfortunately, the student loan lenders are not very insight on the months when you have issue paying your loans. They want to be paid each and every month, without fail.
The Burden Of Having multiple Student Loans
Things can be compounded even more if you have taken out multiple student loans. Having multiple loans translates to making more than one payment each month. Usually, the loans have different interest rates, and some even may be variable-rate loans while others are fixed. Also, the loans could have different terms or repayment schedules, such as 5, 10 or 15 years.
What Loan Consolidation Can Mean To You
For those grads who are having issue managing multiple student loan payments or who just don't like having to deal with multiple outstanding loans, consolidating student loans may be the answer.
Consolidation essentially involves paying off all of your existing loans under a new loan offered at a fixed interest rate. Usually, you also have the selection to spread out your repayment schedule over more time (say, 20 or 30 years), which reduces the estimate of your monthly payments but increases the total cost of the loan in the long run.
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