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Government Student Loan Consolidation: Is It The Solution For You?
Students across the country are jumping on the government consolidation bandwagon. And for good reason!
Whether you are still in school, a graduate, unemployed or comfortably employed you can save thousands through a government consolidation by locking in record low interest rates before they go up.
If you need to reduce your monthly payments by extending the amount of time you have to pay your debt, a government consolidation may be the solution for you.
If your loans are in default you may still reap the benefits of a government consolidation. Benefits include protecting your credit rating, saving money by locking in lower interest rates or lower monthly payments.
On the other hand, a government consolidation may not be the answer for you if you’re nearing the end of your repayment term. There’s not a lot of ‘cents’ in spending your valuable time rearranging your loan portfolio, especially if it means extending the amount of time

you have to pay off your debt. If you can manage your existing monthly payments stick with it because you will save money over the long term.
If you have more than one student loan, a government consolidation will allow you to combine all of them into one monthly payment while locking in a low interest rate. Ultimately, your debts will be easier to manage.
To help make the repayment process easier and more attractive, there are four government consolidation plans for you to choose from.
Standard Plan: The standard repayment plan offers a fixed-rate plan with monthly payments of at least $50 for up to ten years. Borrowers pay less interest under this plan because the repayment period is shorter.
Extended Payment Plan: The difference between this plan and a standard plan is monthly payments are extended over a period of 12-30 years. If you have a high debt load this may help you reduce your monthly payments but the longer you take to clear the loan, the more interests you will pay.

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