macois
Joined: 11 Oct 2005
Posts: 4
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| Posted: Tue Oct 11, 2005 7:30 pm
Post subject: Consolidating Student Loans and Credit Cards |
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Assuming you have federal student loans, some thing to consider:
1) Student loans can usually be deferred if you go back to school, credit card and other debt can't. The government will even pay the interest on some students loans if you go back.
2) Student loan interest rates are typically lower than rates on credit card debt.
In general, student loans are very favorable for students, with low rates and easy repayment terms. If you were not a student, you would not be able to get such good loans. I assume you are no longer a student so are no longer eligible for low rate loans. Any loans you get from here on out will be based on your credit, which probably is very little to none...
The best consolidation loan is the federal consolidation program. The problem is that you can only consolidate your federal student loan debt into a federal loan consolidation. Still, it is your interest to do so as it will lock in today's low rate and spread the repayment over a longer term - lowering your monthly payment.
Pay off your credit cards first then start working on your student loans...
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Jojo
http://www.StaffordLoan.com
http://www.GradLoans.com
http://www.StudentLoanConsolidator.com |
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