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Because of the high cost of a legal education, I have to take out thousands of dollars in student loans. Even though graduation is still two years away, I’m already thinking about how to pay off my debt. Besides being frugal and managing my money well, my student debt attack plan also includes using student loan consolidation programs.
What many students don’t realize is when the sign up with FAFSA, they’re getting their student loans from several different lenders. Also, if you get student loans each year, each loan might have a different interest rate. Instead of having to pay back your debt to different lenders at different rates, student loan consolidation programs puts all your loans into one easy payment.
My wife and I consolidated our undergraduate student loans last year with Nelnet. There really wasn’t a particular reason, except that they sent us the most mail pitching their service. We were able to lock in at a reasonable interest rate before the rate hikes that happened last year. We’ve been really happy with it so far. Because I’m in school, I’ve been able to defer my payback. Nelnet is very user friendly and we’ve been able to set up an automatic deduction system so we don’t even have to think about writing a check.
PremierStudentLoan.com is another student loan consolidation program. They offer a quick and easy online form to fill out. They also provide a message board where students from different states can discuss student loans. There’s also a nifty student loan calculator. PremierStudentLoan looks like a decent debt consolidator.
Next time you get a letter in the mail encouraging you to consolidate student loans , don’t throw it away. Now is the time to start researching into how you’ll pay back your student debt. Debt consolidation could be a helpful tool.