You will have ten to thirty years to pay back your Stafford loans and ten years to pay back your Federal Perkins loans. This means that you will be placed on a monthly payment schedule. If you cannot make the monthly payments, you should contact your lender and ask for an extension on the loan which will lower your monthly payments. You should always read the fine print before agreeing to consolidate your student loans. Some loan companies will charge you extra for making more payments during the year. Many people want to pay off their student loans as quickly as possible in order to have a clean credit history. Make sure you have this option because you never know the type of job you may have five or six years from now. You may be making enough to pay off your loans early. You should choose a lender that has a reputation for consolidating loans. This will ensure that the money you are paying back is going to the right place. Begin by paying off your loans one month at a time. Get settled in your life first and pay off credit cards and other loans first. Since the interest rate will not change for the life of your student loan, it is best to pay it off last and pay off other obligations first.
read more