This site will try to give you an advice about managing, consolidating and repayment your educational, school, college and student loans. Lots of college students are graduating every year and two-thirds of them will leave school with a pile of student debt. This year, the median debt of students who graduate from four-year private colleges is about $22,000, and it is about $17,000 for students graduating from public colleges. Especially medical and law students should think about medical school loan consolidation and law school loan consolidation right now. Their education debt is usually $120K+ and consolidation could be the best thing to do after graduation. Many students typically end up with four to seven federal and private student loans at graduation. The federal school loans are: Federal Perkins Loan, Stafford loan, Federal Family Education Loans, Ford Direct Student Loans, Federal student loan consolidation and PLUS loan (formerly standing for “Parent Loan for Undergraduate Students”). Student loan rates can fluctuate from the current low of 4.60% to a maximum of 8.25% for federal Stafford loans, 9% for PLUS loans. Each private or federal student loan can be for a different amount and carry a different interest rate.

Why Consolidate Student Loans
The best way to make your student loan payments more manageable is a transaction called “student loan consolidation,” in which individuals with qualifying student loans can combine all their student loans from various lenders into one single loan with a single lender. One of the main benefits of “student loan consolidation” is a smaller monthly payment, which is typically the result of stretching out payments over longer period of time ( usually 10 to 30 years ). Student loan consolidation also provides for simplicity, enabling students and graduates to go from having to make many payments to multiple lenders to making a single payment to a single lender on a single loan. There is also another important thing. A lots of private loans carry variable rate which may increase in the future. When you replace all your variable rate student loans with one single student consolidation loan with a fixed interest rate, you’ll have the certainty that your rate and payment will be fixed and will not change for the life of the loan. The best time to consolidate your student loans is around early summer. At this time your student loans are in deferment, or grace period and you may get a better rate on student consolidating loans in deferment than you would by waiting to consolidate after deferment ends. Student loan consolidation can be beneficial to students’ credit rating, but it’s important to note that not all federal student loan consolidation companies report their loans to all credit bureaus.

How and Where to Consolidate School Loans
The first step in student consolidating loan is to gather the information on all of your loans, including the lenders, account numbers, amount and interest rate for each one. Many student consolidation loan providers require that your initial loan consolidation amount be at least $8,000. Next, contact the debt consolidating companies listed below.