Consolidating private college loans Young adult chatroulette
If you switch to any other repayment plan, you will end up paying more over the life of the loan.
However, that could be worthwhile if you simply can't afford your payment today and don't have a choice.
If you take out a different loan each year of college, maybe a couple summer sessions - you could have a variety of loans at different places.Immediately at consolidation, your new consolidation loan will be essentially equal to the sum of all your existing loans.Your interest rate will be the weighted average of all the loans you consolidated (rounded up to the nearest 1/8 percent), and your payment should also equal the sum of all your individual payments.Tip: You could easily offset this by paying a little more each month.Here’s an example: If your payments currently come to a total of 0 across multiple accounts and you apply for a debt consolidation loan, that payment could come down to say 0.
To qualify, you must have at least one loan in that is in the grace period of in repayment.