Congratulations on finally finishing college. While it’s great to be working and living on your own, you now get to pay your own bills (and yes, now you finally understand why your parents always yelled at you for taking more than 10 minutes in the shower). Amongst these bills, the most pressing may be those student loan repayment letters that start to arrive all too soon after graduation. With student loan debt averaging out to $23,000 per borrower, you could end up paying $200 per month for the next 15 years!
Fortunately, there is an alternative: college loan consolidation. Student loan consolidation enables you to lower your monthly payments and pay back your loan over a longer period of time. To give you a better idea, let’s explore the pros and cons of consolidating your student loans. (more…)