Student Loan Help

Last week I was approached by an ex-colleague who is a recent graduate from Harvard Business School. He expressed dismay that he could not consolidate his 5 student loans. “As an international student, I took out private student loans. My friends are all consolidating their Stafford loans, but I can’t do that. Why not? “You can, I replied. He didn’t know that it was possible to consolidate private student loans. This isn’t uncommon. There is a tremendous amount of press and advertisements focused on federal loan consolidation, which groups one’s multiple Stafford, Plus and/or GradPlus loans into a single payment. The significant benefits are simplicity (one loan payment instead of many), a lower monthly loan payment, and often interest rate discounts for on-time and automatic payment.

The same benefits are available through private student loan consolidation. The market for private loans has grown incredible quickly and now accounts for approximately 20% of all funds borrowed for college. The market for private loan consolidation will undoubtably grow as more and more students - like my ex-colleague - realize the hassle of managing multiple payments each month and the benefits of private student loan consolidation.

To learn more, visit www.studentloanconsolidator.com/private