The 2007-2008 National Postsecondary Student Aid Study, as reported by FinAid.org, shows that two-thirds of Bachelor’s degree students graduated with debt. The average debt reported was $23,186. A survey conducted by the National Association of Colleges and Employers found that only 19.7 percent of 2009 college graduates were employed at the time of graduation. Experienced workers have flooded the market because of lay-offs, creating stiffer competition and decreasing entry-level compensation. Graduates with heavy student loan debt are finding that debt more difficult to repay.
Why Consider Student Loan Consolidation?
Loan consolidation, as with any financial decision, should be carefully considered with all the options fully weighed before making a decision. Once a consolidation loan is made, it cannot be reversed, and the borrower must abide by the terms of the new loan until it is repaid. A borrower should consolidate only when a long-term solution is needed for relief of high payment demands, or when a variable rate can be converted to a fixed rate.
Forbearance, deferment and income sensitive payments are options for short-term relief of federal student loan debt when a student is unable to comply with repayment terms. Do not consolidate federal loan debt into a private loan because the federal loans have several protections and benefits in place for the borrower that private loans do not offer.
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