Finishing Graduate School: Student Loans for Your Last Year

You have worked hard to get here, your last year of graduate school, and now you are concerned about what lies ahead. How are you going to finance your final year and manage to pay back all those loans?

You may want to give serious consideration to loan consolidation. One of the key benefits of consolidating your student loans is payment relief. By combining all of your payments into one consolidation this allows you to lengthen your repayment terms up to 30 years and often reduces your interest rate.

Federal Student Loan Consolidation

This is a fixed rate refinancing program that combines all of your existing federal student loans into one new loan while supplying you with the necessary funds for your final year of graduate school. This is a great way to manage your finances and delay immediate repayment of your loans upon graduation. A federal student loan consolidation can provide you with monthly payments that are up to 50% less while simplifying your repayment program.

Private Loan Consolidation

Consolidation of private student loans works in a similar fashion to federal student loan consolidation, providing you with a packaged loan that consists of all of your previous student loans. Typically these rates will be a little higher than those involved with a federal consolidation.

A private loan consolidation can also be used in many cases to combine federal student loans but you will most likely lose your federal loan benefits.

So, as you attempt to finish Graduate school and try to finance your final year, you may benefit greatly to consider loan consolidation.



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