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But all too often those loans become a financial burden to graduating college students, and can leave them in very real economic distress.
Following graduation, students often find themselves with better job prospects, but with no immediate increase in income.
Students pursuing a consolidated loan to reduce their monthly payments should understand that until the consolidated loan is signed and completed, they remain responsible for all payments due on their active loans.
These may include lower interest rates, payment deferrals, and a waiver of application fees.
Students with little or no credit history, or those with a poor credit report, may find that they will need to apply with a credit-worthy cosigner in order to be approved for a consolidation loan.
Typically, cosigners can be relieved of their responsibilities after the primary borrower has made the requisite number of timely payments, thus allowing the primary borrower to build a solid credit history.
Students considering loan consolidation should shop carefully for a lender, and thoroughly read all loan agreements before signing any contract.
Look for the best possible interest rates and repayment terms, and choose the one that you feel best suits your financial future.
This can be done with the help of an accountant, or with a representative from your bank or lending institution.