Free adult telephone chat line Advantages and disadvantages of consolidating student loans

Once that’s completed, many other options open up to you, depending on your specific situation.

Your first payment will typically be due about two months after you consolidate.

If you have a subsidized federal loan, the government will be paying your interest for you while you are in college.

You should also contact your servicer if you experience any major life changes such as: Traditionally, students take out all the loans they need to afford their college education, and give no thought to repayment until they graduate.

This could be a big mistake, and if you avoid it, you may be able to save yourself some serious money.

We will go into depth on the subject of Income-Driven Repayment Plans (including a student-loan calculator that will help you compare them) and discuss how and when to consolidate or refinance your loans.

After identifying two great strategies that will help you quickly pay off your student loans (if you have the ability to pay a little extra every month), we will talk about the in’s and out’s of all the available student loan forgiveness programs, including teacher and military forgiveness.A grace period is the period of time given to you by the federal government between your graduation and when your first payment on your student loans is due.This time period (typically six months) is designed to give you time to get a job, become financially stable, and select a repayment plan (note: applying for an Income-Driven Repayment Plan will not end your grace period early).If you assume that what you know about one type of loan applies to all the others, you may wind up with some serious misconceptions.Thankfully, there is an option available to those that want to avoid the extra cost of capitalization: you can make “interest-only” payments while you are still in college.If all of your loans fall into that category, then you don’t need to worry about paying off your student loans until you finish college (it’s still wise to spend some time learning about the process of repayment, however).