1. Many of us have to take multiple student loans just to get manage the expenses we have during our college education in the hope that we will land a decently paying job so that we can pay off all our outstanding debts. However, life doesn’t work that way always. There will always come a time when our situation doesn’t go along as planned.

Considering the fact that the economy is extremely volatile, a lot of fresh graduates face the burden of unemployment hence they are left exasperated trying to find ways to pay off their debts. There is a grace period within 6-9 months post-graduation on some student loans but the situation doesn’t simply improve after this period. Your financial nightmare will take place especially if you find yourself unemployed for a long time.

This is when you turn to student loan consolidation programs, which is technically just another loan taken to pay off all your outstanding student loans.

It is important that you take a look at the student loan consolidation rates before you make any final decision regarding consolidating. If possible, you should shop around and find the best rates among consolidation lenders. It is ideal that you get consolidation rates that are lower than what you are currently paying. Since you are going to pay off all your debts with a single loan, it gives you the credit boost thus improving your credit rating.

You need to evaluate your options well before you make your final decision.