首页
登录
职称英语
Consolidating your student loans isn’t the no-brainer it used to be. So inste
Consolidating your student loans isn’t the no-brainer it used to be. So inste
游客
2023-12-22
2
管理
问题
Consolidating your student loans isn’t the no-brainer it used to be. So instead of racing to the bank, new grads should take some time to figure out whether consolidation works for them, and approach it carefully. Here are some considerations.
1. What’s your rate, and is it fixed?
In a college loan consolidation, your original loans are paid off and bundled together in a new loan, much as a mortgage and a home equity line might be bundled together into a new mortgage with a home refinancing. The rate on the new loan is fixed. It’s a weighted average of the interest rates of the loans being consolidated, rounded up to the nearest 0.125 percent. Students who graduated this spring are most likely to have a mix of variable and fixed-rate loans. Students who already did loan consolidations in the last two years while they were still in college, might already have a portfolio of low-cost fixed-rate loans and not find it worthwhile to reconsolidate just to get everything wrapped up into one loan.
2. Timing matters.
New graduates will find some advantages in consolidating if they do it within six months of getting their diploma. They are in what’s called a grace period that gives them a price break and six months to start repaying their loans. For these new graduates, the variable-rate loans are at 6.54 percent and the fixed-rate loan is at 6.8 percent. On July 1, their variable rate goes up to 6.62 percent. But when they move out of the grace period and start repayment, their loan rates will adjust up to 7.22 percent. By consolidating before then, they can lock in the lower rate. Typically, repayment starts immediately on consolidated loans, but borrowers can ask the lender to hold the loan package until the end of the 6-month grace period.
3. The bottom line matters, too.
New grads like to consolidate because it can stretch out their repayment period for as long as 20 years and cut as much as 50 percent off of their monthly payments. That might be especially useful for grads who are entering low-paying professions, but in the long run a longer loan can cost a lot more in interest payments, even if the rates are lower. To figure out your bottom line, ask your lender to estimate your total interest payments on your loans or do it yourself with an online loan calculator(you can find a slew of them at
http://www.finaid.org/calculators/
, or check
http://www.salliemae.com/repaymentoptimizer).
Do a similar calculation on the proposed loan consolidation.
4. Competition matters.
While rates on these federally backed loans are fixed, lenders do have leeway to offer incentives, and most do. Some cut your rate if you agree to have payments automatically debited from your checking account, or if you establish a history of paying on time. That later break often doesn’t kick in for three or four years, though, so remember to discount its value. No lenders are allowed to charge fees on federal student loan consolidations and none are permitted to have prepayment penalties, so shop around for the best discounts and services. Some places to price consolidation loans are
http://www.salliemae.com/consolidation:
http://www.mvrichuncle.com
, and
http://www.graduateleverage.com.
[br] According to the passage, a grace period______.
选项
A、is a period in which new graduates show their grace
B、lasts more than six months
C、a period in which new graduates’ loan rates will adjust up to 7.22 percent
D、offers new graduates a price break
答案
D
解析
转载请注明原文地址:https://tihaiku.com/zcyy/3296456.html
相关试题推荐
Volunteeringonpoliticalcampaignscanhelpstudentsbecomeamoreattractivec
______assessmentisfrequentlyusedinteachingtoevaluateastudent’sprogress
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
Chinaisthetopsourcecountryofinternationalstudentsintheworld.Recen
随机试题
HowtoCuttheBeastlyCostofDigitalServicesIftherewaseve
根据《建筑工程建筑面积计算规范》,下列关于建筑面积的计算,正确的是:()A.
发电机组的接地电阻值不得大于()Ω。A.5 B.4 C.6 D.7
混凝土拌和物氯离子检测使用酸度计或电位计。
卫生部为了制定医疗改革方案。进一步了解我国医疗机构情况和患者的实际需求,需要组织
基金利润表中,不属于其他收入项的是()。A.公允价值变动损益 B.ETF替代
有一架天平,只有5克和30克的砝码各一个。现在要用这架天平把300克味精分成3等
要搜索用户所需要的文件或文件夹,又记不清完整文件名,可以使用“( )”通配符代
下列选项中,选定满意的施工单位及材料设备供应单位是属于()。A.组织措施 B
无机结合料稳定基层生产配合比设计应包括的技术内容有( )。A.确定料仓供料比例
最新回复
(
0
)