Consolidating my college loans
Do you feel like your life is on hold because you’re trapped by all your debt payments? Consolidating your debt could be the answer you’re looking for.It can help lower your monthly payments and get you out of debt faster so you can be in the driver’s seat of your own finances.With so many ways to consolidate, there’s bound to be a solution for your unique situation. Debt consolidation is the process of combining your debts into one loan with a lower interest rate.Instead of having multiple debt payments each month, you’ll only have one.This simplifies your bill-paying process each month plus reduces the total amount you owe to your creditors.No matter what type of debt consolidation loan option you’re looking into, it is important to understand how to consolidate debt.Find out when repayment starts, how to make your payment, repayment plan options, what to do if you have trouble making payments, and more! Your must provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
The grace period gives you time to get financially settled and to select your repayment plan. Note that for most loans, interest will accrue during your grace period.
Many zero-percent or low-interest credit card offers only last for a limited amount of time.
Understanding the details of repayment can save you time and money. However, PLUS loans enter repayment once your loan is fully disbursed (paid out).
Loans can’t be canceled because you didn’t get the education or job you expected, and they can’t be canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed).
What happens if I don’t make my student loan payment? REMEMBER: You must repay a student loan even if your financial circumstances become difficult.
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Take charge of your finances with the CIBC Debt Consolidation Calculator.