What is a School Loan Consolidation Program?
A school loan consolidation program is the way or method of combining all the outstanding loans one has under the umbrella of one low-interest loan. According to reports, the average outstanding debt of an undergraduate student is around ,000 which is by no means a small sum. Be Aware of the Reality on School Loan Consolidation Programs For many the school loan consolidation program is really the best way out. However, before you jump into the fray, it is good if you know what this type loan involves. The most important facts regarding the school loan consolidation are as given below: * Expect a yearly interest rate growth of about 1.8% * The rates of interest vary from 4.7 to 6.6 percent in the grace period (which is commonly about 6 months time) and this will rise steeply to about 7.2% and above once it finishes. * If you are availing of plus loans, then the rates will be slightly higher (8 percent and above but not exceeding 9 percent). * Many times the school loan consolidation pro
