Consolidation Loans

Before the economy was under such strains, it was relatively easy to get a student loan consolidated. Federal loans could be consolidated using private lenders and there were innumerable companies that offered private student loan consolidation programs. Nowadays, federal loans are controlled solely by the government and private lenders have shied away from providing consolidation services for all other student loans With all the changes that have occurred in the financial district, borrowers are often at a loss for what to do and where to go with their consolidation needs.

When paying off multiple student loans, do what's known as the snowball aproach of debt reduction. With this approach, you start paying agressively on the least desireable loan (Private Loans first then highest interest rate loans) while paying the minimum on the other loans. Once the first loan is paid off, you take a month or two off and enjoy the extra money you have. Then you channel that money to paying off the second loan. Now you'll be paying off that second loan very agressively and will be able to get it out of the way very quickly.

Citibank Student loans provides plenty of information about the above services on their website. There are other useful information like differentiating the student loan myths from the facts. They also offer tips and advice on how to repay your loans as well as for managing your debt. Advice for those thinking about loan consolidation is also available and how it can help make a student or a new graduate's life significantly easier by reducing the interest rates they have to pay as well as downsizing the number of payments they make each month into just a single payment made to a new consolidated account.

Before I dig into the topic of debt consolidation loans for college graduates allow me to give you guys the basics of it. Debt consolidation is the process of combining several loans/debts into a lower monthly payment that usually follows with a lower interest rate. College graduates usually have a 6 month grace period after their graduation where the loan payments do not kick in. Once the 6 months are up you are usually required to start paying back all of your student loans. When college graduates are having issues with repaying their student debt then they have the option of obtaining a debt consolidation loan.

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