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We can help you with a debt consolidating to knock off the more-expensive loan first and then concentrate her resources on her remaining debt consolidating is a winner, says Amy Cole, an educator at the Consumer Credit Counseling Service of Southern New England. A credit card charging 18% interest is a heavier burden than a student loan: The highest rate on student loans currently outstanding is 8.25%. If student loans are your only liability, focus first on those with the highest rate. Even if your budget is tight, don't rule out investing some of your resources if you can earn a higher return than the interest rate you're paying on your loan. The standard repayment plan for student loans calls for equal monthly payments and a ten-year payback period. If that's more than you can afford, call your lender before the grace period ends to ask about other repayment options. For example, Carter is a prime candidate for loan consolidation because she owes money to three different lenders at different rates. With the consolidated loan, the interest rate will be a weighted average of all the loans, rounded up by one-fourth of a percentage point. Variable rates for government-sponsored Stafford loans are unusually low now, so consolidating locks in an attractive rate. Once you're locked in, however, you're stuck if the Stafford rate happens to drop in the future. When consolidating loans, start with your current lender, advises Robin Leonard, author of Take Control of Your Student Loan Debt and shop elsewhere if you don't like it.
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