Advantages and Disadvantages of Governmental Student Loan Consolidation

Must Read


EXIF stands for Exchangeable Image File. EXIF data is low-level information stored in JPEG images. EXIF was created by...

How can corporate blogging Increase your organic SEO results?

Business blogging can provide many opportunities for business owners to promote their businesses online. These days, most of the...

Find Black Friday Ads 2010 – Now!

For crazy shoppers sales are something that they wait desperately for. The part of the year when the best...

Business Blogging is not for you

One of my blog reader wrote the following comment on an article: "Thank you for opening our eyes...

Not CityVille Strategy Guide Worth buying it?

Since the publication of Zynga 's new city building game Cityville, millions of players around the world have...

The evolution of the Sims games

For a game that was first published in 2000, The Sims has enjoyed a long life. Created by the...

When you decide to consolidate your governmental student loans, you have to take a notice of the advantages, but also of the disadvantages. Are you deciding to consolidate your loans, to make your monthly repayment process easier?First of all, it is nice to hear that you are trying to find the best way for yourself to repay your debts. However, you must ensure that your decision is right for your situation, because it will have a significant impact on your future.Here is a list of the benefits of a governmental student loan consolidation:1. It reduces your federal interest rate
2. Your repayment term can be extended
3. It has different payment plans: Standard, Advanced or Graduate
4. Instead of several loans, you will only repay a single loan
5. There is no fee to pay with a federal loan consolidation
6. There wouldn’t be a credit check or prepaid fees
7. It is easier to apply for federal consolidation than a private consolidationDisadvantages of a governmental loan consolidation:1. It will make special borrowers benefits invalid, if you have a Perkins loan.
2. It will make the six months grace period invalid. This means that you need to pay immediately.
3. If you have collected a large amount of debts, its possible that you end up repaying thousands of dollars more than the original amount of the loan, this is the consequence for the extended repayment term. The longer you are repaying, the more you have to pay.
4. If you have already repaid more than a half of your loans, it would be more smart not to consolidate your loans, you will save more money in the end.

Latest News

Digital Marketing for Beginners

Digital marketing for starter, Let to basic learning about connecting with your audience in the right place at the...

More Articles Like This