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Advanced degrees often come bundled with advanced levels of student loan debt.
Students may be tempted to stay in school beyond their undergraduate degree as a way to keep from paying off their first student loans, but the debt keeps growing as their education continues.
That is a sizeable, unwelcome gift to take home from school and it’s important to know how to minimize the damage.
The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.
Soon enough, graduate school is over, graduation day comes and goes, and there you are with considerable debt and desperate for a job.
If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.Each one of these student loans has its own due dates, interest rates and payment amounts.Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.