Chances are, if you are a new college graduate, you have some federal and/or private student loans that need to be repaid.
Because managing debt can be a burden and keep you from achieving life goals like moving out on your own or getting married, paying off student loans early might seem like a good idea. But debt and finances are intertwined, so there are several things to consider before you start applying any extra cash toward retiring student loans early.
Consolidating your student loans can simplify your finances, lower your payments, and make it easier to chart a path out of debt. But picking the right type of consolidation is an important decision. There are several options and no single “right answer” for all borrowers. At the National Student Loan Union, we’ve helped people save more than $200 million on their student loans. We’ve put together the following 3-step guide to help you choose the best consolidation for your specific loan profile.
Refinancing and consolidation are two ways to make student loans more manageable.
Your best option depends on your goals, financial circumstances and current student loan debt.
For some college grads, the income they earn right after graduation makes it difficult to pay down the balance on their student loans.
If this is a challenge for you, the government’s Graduated Repayment Plan might help make things more manageable by lowering your monthly student loan payments.
In recent years, the millennial migration to America’s cities has shown no signs of slowing. From perennial magnets like the Big Apple to smaller urban destinations like Virginia Beach, cities across the country have seen their millennial populations surge.
When they want to settle down in their new homes, however, young Americans often encounter challenging housing markets.
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