| Student loans can be a long-term burden that can | | | | until the loan is paid off. A variable payment plan |
| hang over your entire young adult life. Many | | | | will allow you to adjust the amount of your |
| students wonder about how they can pay back | | | | payments based on changes in your incomes and |
| their student loans. If you have more than one | | | | expenses. And finally, an extended payment plan |
| student loan or are interested in loan consolidation, | | | | gives you a longer period of time to pay off your |
| the following information may benefit you.A | | | | loan, thus reducing the monthly payment.Beware |
| consolidated student loan follows pretty much the | | | | of consolidation lenders who charge a fee to |
| same guidelines as a regular student loan. Your | | | | consolidate your student loans and lenders who |
| guidelines and payment schedule are provided by | | | | charge a fee for early repayment of the loan. |
| the lending institution. Your first payment is usually | | | | There are plenty of lenders out there who are |
| due 30 to 60 days after you're approved for | | | | willing to consolidate your student loans without |
| consolidation of your student loans. You should | | | | charging any fees. Don't sign any paperwork until |
| continue to make your payments on your | | | | you've verified that the lender has none of these |
| individual student loans until you receive | | | | fees hidden in the paperwork.Finally, be aware |
| acceptance or approval of your consolidation | | | | that some lenders require a credit check before |
| application.Most institutions will provide you with a | | | | approving your consolidation application. This is |
| choice about how you want to pay back the | | | | standard procedure and nothing to worry about if |
| consolidated student loan: standard payment plan, | | | | you have a slightly below average or better credit |
| graduated payment plan, variable payment plan or | | | | rating. If your credit rating is on the low side, you |
| extended payment plan. A standard payment plan | | | | should know that consolidating your student loan |
| involves a set monthly payment that does not | | | | may improve your credit rating.Timothy Gorman |
| change over the life of the loan. A graduated | | | | is a successful Webmaster and publisher of School |
| payment plan involves starting with low monthly | | | | Loan Solutions. |
| payments and gradually increasing the payments | | | | |