So you have graduated from college and started an internship. Money comes in. You have a good girlfriend and you start to feel that you are part of "real life." The only problem is that you can't afford anything. You make more money than your parents, but every salary you get is used directly for your student loan. Maybe now is the time for consolidation.
What is a merger?
The merger of student loans is not actually as scary or intimidating as it sounds. Consolidation means only for "combination." This is the result of the student loan consolidation; merge all your student loans into one.
If you want to have enough money every month to pay for a new car, the benefits of integration are obvious. Suppose you have a loan with interest rate of 15% and another loan of 12%. You can consolidate your original loan by obtaining a third loan (for example, an interest rate of 8%). Now you only have to worry about paying once (this number is much lower) and the new car is coming.
You can merge loans to:
o Another student loan – This is probably the most obvious form of consolidation. If all your loans come from the same company, you will most likely have to stick with them to get a consolidation loan.
o Home Equity Loan (HEL) – Great because it has a fixed interest rate, but please note that if you miss the payment, your home may face the risk of redemption!
o Credit Cards (0% APR) – If you do not have a house but have good credit, this may be a good choice; you may be able to save some of your interest.
Warning about merging
Make sure you do math. Consolidation usually helps but not always. If you merge, there are still some things to note:
o Extension – If you merge, you may be unable to postpone (delay) the eligibility of new loan payments.
o Perkins – In rare circumstances, if you have a Perkins loan, you may lose the option to cancel the loan.
Before deciding to merge or not merge, make sure you take out the calculator (or use the online student loan calculator). A loan consolidation can pay up to half of the loan, but depending on the loan interest rate, this is not always the case.Brand New High Converting Self Help/wealth Generation Success Package. Business Credit: No Personal Credit And No Personal Guarantee Our Business Credit Membership Provides Weekly Training,resources,vendor Credit Lines, Cash Credit Sources And Banking Contacts. Brand New High Converting Self Help/wealth Generation Success Package. How To Buy Commercial Real Estate With No Cash And No Credit! Birddogbot - Real Estate Deal-finding Solution For Investors (view mobile)! Fan Victor - The Ultimate Fantasy Sports Plug-in (view mobile)! Get Lifetime Commission Per Customer! Our $1 Trial + Live Support Is Converting Like Crazy! Learn To Speak The Hebrew That Really Matters Using Sound, Video And Text. Recurring Charge! Legit Writing Jobs (view mobile)! 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