When you've graduated from college you might be qualified to consolidate your student loans. It's crucial to carefully view this choice, because it's only available to you to do once. It's not a good idea to consolidate your student loans with your partner's student loans if applicable. If you die, your estate isn't liable for the student loans, but if they are amalgamated with your partner, they will still be required to pay them back. This benefit is solely for federal student loans.

How To Consolidate Your Student Loans...Here's How:

>>>> Step Number 1...You'll need to make certain that you qualify for student loan consolidation. You must have finished your schooling. You can't presently be registered in a program. You need to decide which loans qualify. You'll have the chance to consolidate your subsidized and unsubsidized Stafford loans as well. Since every year is looked at as a new loan you had better accumulate all of your loan documents and billing statements to be sure you don't forget one of the numbers.

Student Debt>>>> Step Number 2...You should cautiously look at which lending company to go with. A lot of companies will provide additional discounts for automatic draft payments or offer you a lesser interest rate later and certain number of payments that you have made when due. Even so, a few companies state that consolidation disqualifies you from these discounts. You should cautiously look at the fine print concerning each student loan consolidation application. If you're considering a Student Credit Card make sure you do your research.

>>>> Step Number 3...You also must understand that although consolidation may be bringing down your monthly payment, you'll finish up paying more in interest on the loan. The consolidation usually takes a 10 year term and stretches it to 20 or sometimes 30 years. If you make use of the lower rate of interest, you could look at paying it off sooner to avoid paying all of the extra payments.

>>>> Step Number 4...Complete the application for the student loan. Numerous student loan companies have an internet application for student consolidation loans. Hinging upon your financial origination, you could have to meet with someone. Prior to you sit down to complete the application, make certain you have all of your student loan data accessible to you. Remember it's up to you to find out What Choices You Have to pay off your Debt!

>>>> Step Number 5...Don't miss the deadline. The student loan rate step-ups July 1 annually. If you file prior to this time you will lock in a lesser rate of interest and save yourself some money. This is an crucial deadline to match. If you've just graduated and you're in the 6 month grace period you'll still be able to consolidate the loans and have the grace period hold up for 6 months. You'll want to speak to customer service spokesperson to be sure the loan company realizes what you would like to take place.

>>> Step Number 6...When the consolidated student loan takes place, triple confirm the paperwork. It's not unusual for errors to have been made and the incorrect rate of interest applied. This is particularly true if you consolidated while in your grace period. Make certain that you locked in the interest rate that you applied for. This rate isn't contingent your credit score[as a private student loan rate would be] because it's dictated by the federal government. If you know What To Do When You're in Debt, it can make the road to freedom much easier.