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What is the best college loans repayment model?

Most students have had concerns about how difficult it is to find a good repayment model for college loans. I have a hard time in understand substantial student loan consolidation rates that will enable me to repay the loan with ease. I have had student loans from various credit unions, therefore, I am looking for a way to reduce the burden of repayment. I am not financially stable at the moment; I need a model that I can consider. Having had many students in doubt of the federal student loan consolidation program, I need guidance over the same, and on private student loan consolidation provisions.

Rodney Fox

in Student Loans

1 answer

1 answer

Victoria Fowler on April 18, 2018

Many students have been able to finance their education by obtaining a college loan from the federal government and various credit unions. Repaying of student loans has not always been easy. There are challenges associated with it, and it is therefore imperative to find the best reliable options. I have encountered the same problems while repaying my loans; I wouldn’t want graduates to go through the same challenges when it is possible to avoid them. My encounter has given me an opportunity to advise the scholars concerning student loans repayment. Some options can help a graduate to repay the loan with easiness.

The savings and funds from well-wishers were not enough to finance my college education and meet other financial requirements. As a family we opted to look for ways to increase the amount to cater for college education and related eligible expenses, I had to get multiple loans from a private lending institution. Paying for many credits was a challenge, and I had to struggle to pull through.

Private student-loan consolidation program can help student repay their loans with ease. It provides for a combination of the multiple individual loans into a single credit and pays for it. The payment period is extended, and hence the amount payable per month is lower and manageable. It is important to note that the increased duration increases the total interest.  However, it is one way that helps graduates to repay their loan with ease.

There are different types of loans offered by the federal government. For my case, I was able to get Stafford loan and the federal Perkins loan. I had to pay each lend individually, and it was hectic, I hardly had any surplus to save for developmental projects. Nevertheless, with the federal student-loan consolidation program, a graduate who secured two or more loans from the government can combine them into a single loan. He or she will enjoy low monthly payment towards the same. The students can have more to save for other projects.

In both cases, student loan consolidation rates are used to determine the minimum amount a graduate has to pay on a monthly basis. The charges vary with the duration of loan payment. When the payment period is more extended, the rate reduces significantly, and when the period is short, the price is higher. The standards also differ depending on the magnitude of students’ loan.

Jessie Thompson2 years ago

I am repaying my student loans and my experience of it is great. I had multiple private loans while undertaking my undergraduate studies. Before getting the loan, it was a big worry of how I would manage to repay. I needed a lot of money to finance my studies and to start a business. I knew the amount I was committing to pay in the future was huge and the interests were one thing that gave me sleepless nights. I am glad that through professional advice, I have consolidated the loans into one loan. With student loan consolidation rates, my credit is manageable. It is true that there are ways to help students pay their loans without struggling just as I am doing. I believe this information is very timely to graduates who are in the same situation that held me captive. Many students can get these pieces of advice and be able to overcome the hurdles of loan repayment.

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