Consolidating federal grad plus loans

If you are like many other students, you may have gotten a private loan to finance the remainder of outstanding college tuition at the graduate level once your federal loans were expended.Or you may have borrowed from the popular crop of lenders offering specialty-specific graduate loans that target the more costly college programs, such as law school, medical school, and business school.Private graduate loan consolidation, unlike federal, typically requires you to have good credit or apply with a creditworthy co-borrower.Lenders have a lot of flexibility with their private loan products, versus the federal consolidation program.For many working adults, especially those with families and other financial responsibilities like homes and cars, student loan consolidation could be a godsend.If you decide that consolidation is the best route for you to go, the best advice is to first consult one of your lenders for guidance and a good consolidation plan.Soon enough, graduate school is over, graduation day comes and goes, and there you are with considerable debt and desperate for a job.

Private student loans for graduate students have grown in popularity over the last five years both on their own and as a way to fill in the gaps in cost that federal loans and grants/scholarships do not cover.This process will extend your payments over a longer time, but it will cut them down sometimes to half of what they would be.These smaller, more manageable payments can make a world of difference when you are just getting started on your financial career.Undergraduates that migrated directly into a grad school program would never have become eligible to begin repayment of their undergraduate student loans. Undergrads that took time away from college and started a career and/or family before they went back for a graduate degree might have been interrupted in their student loan repayment.These borrowers have undergraduate loans probably suspended in deferment, and new graduate loans in addition. Depending on your financial circumstances and success in getting a job directly after graduation, you may wish to consider total loan consolidation.You are sent out into the world to fend for yourself, and make the best of the standard six-month grace period that goes by all too quickly. Monthly payments seem like a given at this point, but if they could be lowered, or even cut in half, they would be feasible.

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