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Is Student Loan Consolidation the Right Choice?

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Some college students take out loans from various lenders in order to pay for their education. While this is a way for students to borrow the funds necessary to pay for their degrees, juggling the various different monthly payments upon graduation can be challenging. Consolidating these loans can make the student loan repayment process a bit less frustrating, so long as it is done correctly and the situation is right for the individual.

Some college students take out loans from various lenders in order to pay for their education. While this is a way for students to borrow the funds necessary to pay for their degrees, juggling the various different monthly payments upon graduation can be challenging. Consolidating these loans can make the student loan repayment process a bit less frustrating, so long as it is done correctly and the situation is right for the individual.

One of the major advantages of consolidation is the most obvious one; a single monthly payment. This convenience will save time for the individual as well as take away the frustration of keeping the various payments straight. Other advantages to consolidation include more options in regards to the repayment time frame as well as the monthly payment amount (Hayes).

Although there are great benefits to consolidation, there is a major disadvantage to consider as well. Consolidation could cause the student loan holder to end up paying more money in the long-run. When one extends the repayment plan, the interest paid will extend as well, tacking on a significant amount of extra money. (Hayes)

So should you consolidate your student loan debt? Well, the answer to that truly depends on the person and their ability to make the current payments that they owe. If one is struggling to make their current payments, this could be a great option for them (Hayes). While if a person is making their payments with ease, setting up auto-payments to their various different lenders could be a better option to consider.

Works Cited

Hayes, Abby. "Should You Consolidate Your Student Loan Debt?" US News & World Report. N.p., 24 Jan. 2014. Web. 28 Jan. 2014.

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