The days and weeks after graduation are supposed to be one of the best time periods in a young person's life. Years of hard work have finally paid off, and they are embarking on a new chapter in their lives.
But as Charles Dickens said in his novel, A Tale of Two Cities, "It was the best of times, it was the worst of times." Shortly after graduation, many college students feel like they've been hit like a ton of bricks. Moving out into the real world and trying to secure a new career are hard enough without having to deal with a stack of student loan bills.
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According to the National Center for Education Statistics, the average college graduate leaves school with $19,000 in debt, a figure that can be overwhelming, particularly for someone just starting out; but it becomes more manageable when you consolidate.
College loan consolidation will not only provide you with more money at the end of each month, but help you secure long term savings as well. If interest rates are low when you consolidate your student loan, you will enjoy putting that extra interest you are currently paying back into your pocket for the life of your loan, or using it to pay off your loan faster.
In order to successfully qualify for college loan consolidation, you must be prepared. Preparation starts with a good solid plan. Your Student Loan Consolidation Plan should begin with figuring out what you owe. Gather all the information you have about what kinds of loans you have, who the lender is, how much you owe, how long you have to pay it back, what fees are included, and the amount of each monthly payment.
Most federal student loan programs allow a six to nine month grace period after graduation before repayment begins. You should get a certified letter during that time reminding you of your loan responsibilities laying out all of the details of your payment schedule.
When applying for student loan consolidation you must have all the details about each loan you owe. You need to dig up all the paperwork relating to your loans, including the initial promissory note you signed. If you are having trouble locating all the needed paperwork, contact your university's financial aid office. They can provide you with information on private loans that have been disbursed to you through the university so that you can get in touch with your non-federal lenders. You will of course need all the information on your federal student loans as well.
Now you are ready for part two of your Student Loan Consolidation Plan. Click here for help choosing a lender and finding a payment plan that is right for you.
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