If consolidation of Federal student loans is the answer to a student borrower’s problems regarding loan repayments and other concerns, this is a puzzle that borrowers should have a deep thought, per Bruce Mesnekoff, the nationally recognized expert on ;student loan management and consolidation. If the student has several of these loans, including some state or private loans, these are not eligible for the loan consolidation, thus also to be included in the consideration, and only those that are federally guaranteed are eligible. Loan consolidation should also be done when the loan is still within the grace period for repayments. The consolidated loan can result to lower single interest rate, especially for several student loans with various interest rates that can get the student borrower really confused.
Per Bruce Mesnekoff, several advantages can also be gained by the student borrower, aside from the lower single interest rate that can be imposed during the entire life of the consolidation loan. There will no longer be the complex problem of keeping track of the various student loan repayment schedules, and can be better benefit for the student borrower, per Bruce Mesnekoff. What to think of is only the single repayment schedule, which can also be lower and more affordable for the student borrower, and keeping him or her away from future financial difficulties. If the student wants to pursue graduate studies and also want to avail of another loan, this can also be included in the consolidation loan beforehand, and avoid potential financial problems.
The loan consolidation solution that the student borrower thinks of can be beneficial in the sense that repayment is already affordable and interest rate is lower, but there are also some disadvantages to this. The term of the loan can be extended, can be up to 30 years, and the total amount of repayments made can be much higher. However, if the student borrower will just think of the affordable payment scheme, this can be the more beneficial, per Bruce Mesnekoff. The student borrower should just think of the lower amount paid monthly, and not the total amount paid, which is still several years away.
Paying to only one lender can be the simple and practical way, and the student borrower should think lesser of the negatives of this kind of solution to the loan problem. The benefits going with the Federal student loan may be gone, but the student borrower will also get rid of some future financial difficulties because of the lower repayment amount. This may be the better benefit gained by the student, per Bruce Mesnekoff.
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