"During economy crisis, I can't afford to pay my student loans monthly because I am jobless." In United States, a lot of fresh graduates are facing this similar problem. What can they do in order to avoid their credit score from being affected by significant negative impact? They should go for college student loan consolidation.
This is specially designed to assist the fresh graduates to either defer the payment or extend the period of repayment. For those who are having tight budget now will either stop payment temporarily or make a monthly payment which is a lot lower than what they are paying right now. This solution is beneficial during current economy situation where the interest rate is low. Switching from a high interest rate to lower interest rate can definitely help you to save money in the long term.
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In common, many students are having variable interest rates on the student loans. It is best for them to consolidate all the loans into one loan and one fixed interest rate. The new interest rate is always lower than the current rates. Hence, after the loans are consolidated, the unemployed graduates don't need to worry in the future even when the interest spikes up.
There are 2 main types of college loan consolidation plans, i.e. federal and private. The students are advised not to lump both federal and private loans together as federal plans have more benefits such as lower interest rates, longer grace periods when compared to private plans. It is good to separate two plans so that the graduates won't lose all the benefits of the federal loan.
If you are unable to pay student loans due to unemployment, don't worry. Loan consolidation is the best answer for you!
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