If you are inching closer to graduation, then you have already begun to get marketing materials about consolidating private student loans. This is because when you graduate you have 6 months before you have to start paying on your loans. This is one of the options you can use to make it easier to manage your payments. Here are the other options you have.
1. Deferment
There are two type of deferment. One is just deferment and the other is educational deferment. The first is a period of time that your loans will accrue interest, but you will have no payments due. This will help you if you need more time to get your finances in order to pay on your loans. You can use this for up to 2 years after your first 6 months after graduation.
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The other deferment is used for going back to school. As long as you are attending college classes part time you do not have to pay on your loans. They will still accrue interest if they are the type that do, but you will not have to pay until 6 months after you stop going to classes.
2. Consolidating private student loans
When you graduate you will have the option of consolidating private student loans and all your other loans. Most of the time you can do this to make them into one loan with one payment and one interest rate. This will make it much easier for you to deal with the loan and you will only have one monthly payment instead of a dozen or so. This is a smart option if you plan to begin paying on your loans.
3. Forbearance
If you have begun to pay on your loans and you run into some difficult financial times, then you can use what is called a forbearance to pause your loan payments for 6 months at a time to help you get through the difficult time before you have to pay on them again. This is for periods of unemployment or medical emergency.
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