Consolidating loans can help cut debt Adult cam chat free friend room

Posted by / 31-May-2019 23:44

Consolidating loans can help cut debt

The bottom line: Student loan debt may make it harder to buy a home.And the more debt you have, the more difficult it will be to move on to that next phase in your life.For example, an acquaintance of mine who paid ,000 for a degree in women’s studies.And , my own husband, who earned his first bachelor’s degree in theatre arts.

This is where student loan debt makes things much harder; not only does it chip away at your ability to borrow for a new home purchase, it also eats up funds you could use for a down payment.Meanwhile, the average starting salary for college graduates in 2014 came in at ,473.Imagine starting your first job after college with a debt load equal to two-thirds of your first-year salary while also considering the prospect of buying a home, purchasing furniture, or even getting married.You don’t get a redo, you can never discharge your loans in bankruptcy, and no matter what life throws at you, you’re stuck.Aside from income-based repayment plans, which may grant complete loan forgiveness after 25 years, and some loan forgiveness programs for federal loans, you have few options aside from consolidating your loans or refinancing them in order to get a better deal.

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Depending on the school you choose, you could easily pay twice as much (or even three or four times) for the same degree at a different school.