Advantages consolidating students loans

04-Apr-2016 23:58

There may be tradeoffs, however, so you'll want to learn about the advantages and possible disadvantages of consolidation before you consolidate.Most students rely on a variety of funding sources to pay for college.Interest rates are fixed at 7.9%, and borrowing limits are determined by subtracting all other financial aid award amounts from the total cost of attending school.

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Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.Scholarships and grants are windfalls for college funding, because they do not require repayment.Direct PLUS Loans Parents of dependent undergraduatestudents can borrow money under this federal program.

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Borrowers must be able to pass a credit check, and the student whose education is being funded must be a dependent that meets these minimum requirements: Parents access PLUS loans by filing an application, and signing a Master Promissory Note (MPN).Loans, and associated interestcosts, typically keep graduates in debt for 10 years or more.