You know if there’s one thing I can’t stand it’s the ‘system’ that we live in here in America.
Don’t get me wrong.
There’s some things that are great, but our educational system especially at the collegiate level is a big ripoff as far as I’m concerned.
I mean, you pay 10′s of thousands of dollars just to have a piece of paper you can’t do jack squat with.
(sigh…I digress)
Anyways…For some of you reading this article you might find yourself in need of student loan debt consolidation. And that’s perfectly fine if you do. The thing is to know whether or not it’s right for you.
Well I came across an article on the subject today and it had a very interesting point. Here it is:
“The points that need to be considered when comparing student loan consolidation packages include amortization period, interest rates, income sensitive payment options and payment grace periods. Most student loans must be repaid within 10 years of graduation. Lengthening out your payment period or amortization to 20 or more years will greatly lower your monthly payments.
However you will pay more in interest over the life of the loan An income sensitive payment option will tie payment amounts to your level of income. This feature will give you lower initial payments when you need them most.”
Now I can honestly say that I have never had to consolidate student loans because I went the entrepreneurial route.
But I figured for those of you who need it, you might want to take a closer look at the article here.
And whatever you do, don’t get any more student loans.
Start a business instead.
(oops, was I thinking out loud again?)
