student loan advice

What is the best way to pay off both student loans and private student loans?

What is the best way to pay off both student loans and private student loans

Kenny N. from Arkansas asked: I used a mixture of Federal and Private Student Loans during college. My grace period ends in about a month. Is there a better way of paying my student loans off rather than paying each separately? There are I believe 3 stafford federal loans and 2 private student loans. Is there some form of consolidation I can do? It’s a real pain to be making 5 student loan payments every month. I’d rather just make one large payment.

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Pro’s and Con’s of Private Student Loans

Private Student Loan Consolidation

Private student loans are credit-based and have more attractive repayment terms as well as interest rates. It can really help in saving money every month unlike the Federal student loans. Private student loan consolidation is simply the process of refinancing and combining private student loans into a single debt only. It may result to a lower monthly loan payments thus will also lessen your worries about your multiple loans.

This is a preview of Pro’s and Con’s of Private Student Loans (687 words, estimated 2:45 mins reading time)