In today's world, education is undoubtedly important. These days, it is incredibly difficult to succeed unless you have had some sort of education. Unfortunately, education is now also quite expensive, which is why students have to take out many loans to finance their way to school.
For some student, paying off their loans is no big deal, especially if they land a great job right after college. However, many graduates are not as fortunate. If by some twist of fate these graduates are unable to find a good job, or perhaps become underemployed, interest charges on these loans can compound quickly, creating a financial crisis.
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For those who have a hard time paying off their student loans, student loan consolidation is the answer. By merging all existing loans into a single loan with the lowest possible interest rate, the process of repayment will be made simpler and less burdensome. This also minimizes the possibility of missing a payment and incurring penalties.
There are two main types of student consolidation loans, federal student loans and private student loans.
Federal student loans are the most affordable options available to students, as they generally offer lower rates than the average loan. As the name suggests, these loans are provided by the government. Because they are subsidized by government as part of its educational assistance to students, they are easy to procure and sport student-friendly interest rates.
Private student loans, also known as personal student loans or alternative student loans are loans with a comparatively high interest rate, especially when juxtaposed with a federal student loan. As the name implies, these loans can only be procured from private institutions. Unlike federal student loans, private loans are harder to obtain.
Because interest rates are much lower with federal student loans than with private student loans, you are generally better off with the former.
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