Whether you are a parent of a college student, a current student, or a recent college graduate, you have undoubtedly realized how confusing student loans can be. Many students have multiple loans from several lenders, each with its own distinct terms, rate, and payoff amount. Keeping track of these multiple loans seems like a full time job where, instead of receiving a paycheck, you are given stacks of payment coupons. There is a way to free yourself from the overwhelming monotony of being in this position: Student loan consolidation.Student loan consolidation makes things much less complicated; instead of tracking multiple loans and payments, you will only have one monthly payment. A typical repayment period is ten years. While in essence student consolidation loans are large loans used to pay off several smaller loans, they are governed by different rules than other types of consolidation loans. Here are some distinct features of student loan consolidation:1. You cannot consolidate student loans that are in default. If you have already defaulted on one or more student loans, you must first work with the lender/s to get back on a payment plan; then you are […]

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