Making the Decision to Consolidate Your Student Loans Consolidating Your Federal Student Loans Consolidating Your Private Loans Community Q&A Most students need to borrow money to pay for college, and many struggle to make their payments after graduation.
If you are juggling more than one payment on your loans (whether they are federal, private, or both), or if your federal loans are currently in default status, consolidation may help you manage your debt and protect your credit.
Defaulting on a student loan is damaging to a student's credit history, and will prevent them from being eligible for any future loans until, and unless, the defaulted loan has been satisfactorily discharged.
Citizens Bank Student Loan repayment examples assume a ,000 loan in the first year of school with two equal disbursements, the repayment term and interest rate type selected above, and is based on an application with a borrower and a co-signer.
Defaulting on your student loan can lead to bad credit and an end to your college career.
Before you agree to any student loan, you should consider what it means to default on a loan, and what that can mean to your financial future.
While student loans can help you pay for an education, many former students are learning the hard way that it would have been a good idea to base their student loan on the amount they will be able to afford in monthly payments after graduation.
You’re ready to advance your education and we’re here to help.