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Don't Let Student Loans Crash the Party
College is hard enough as it is: from endless exams to plentiful parties, higher education has a knack for offering up distractions. So the last thing any college student needs is another burden, another entanglement making demands on their time. Unfortunately, as college tuition prices continue to soar, so does the importance of student loans; in the last decade, the average amount of loan debt owed by graduates of four-year colleges has jumped by 85 percent. From the wealthy to the not-so-affluent, no one is immune: today, half of the students from the richest 25 percent of American households owe debt after graduation Ė an increase of 100 percent over the past ten years. Taking out student loans Ė and toiling away after graduation to pay them off Ė is becoming a central part of the college and post-college experience.
Between agonizing over college expenses, wrangling with loan companies, and working to pay off debts, graduates have plenty to worry about today, and plenty of challenges to face. It can all feel like too much to bear. With all these pressures looming overhead, indebted graduates are eager to find anything that can help simplify the situation. Thatís where student loan consolidation comes in: increasingly popular opportunities like the Federal Family Education Loan Program allow beleaguered students to combine, even to reduce their loan payments. Multiple loans, each with their own provisions and baffling technicalities, turn into a single, manageable loan.
What does college loan consolidation do? Its advantages are considerable: it allows students to extend the length of their payment periods, paying back their loans in smaller installments over a longer period of time; it lowers interest rates on loan repayments, often exempting students from their final payments; and, at the most practical level, it saves hapless students from facing a deluge of extra paperwork from each company thatís lent them money. Even students who arenít keen on spending a few extra years paying back loans have a hard time saying no to a plan that would allow them to lower their payments in the long run Ė and spend less time worrying about them.
Paying back college tuition can be rough, and as costs rise, itís only going to get rougher. Fortunately, students are finding ways to keep costs under control. Student loan consolidation should be an indispensable part of every studentís strategy for staying afloat in the post-college world. To be sure, it wonít eliminate debt from student loans, but itíll make it a good deal easier to manage.
Brought to you by www.studentloanconsolidationhelp.com
About the Author: D.K. Schrute is a freelance writer dedicated to helping students navigate the complexities of college finance.