As a consumer, you will hear time and time again, how important it is to check your credit report. We know that there are often inaccuracies listed on there that can affect almost every part of our lives. But, did you know that you should also check your federal student loan account as well?
When you are a student, you will probably get several student loans during the time you are in school. If you think about it, if you go to a four-year university and take just four years to graduate (which most people don't anymore), you will get eight different student aid packages – one for each semester. Each package may have more than one loan in it, for example you may have one loan that is subsidized by the government and a separate one that is not. You may also have federally-backed grants in your aid package as well.
If you take a look at your federal student loan account, you will find all of the aid that you have given, the date it was taken out, and whether or not it is currently accruing interest. You will see the estimated monthly payback amount, and you will also see the interest rate that you are being charged. Keeping an eye on your federal student loan account is absolutely essential to make sure that no one is getting aid that you will end up paying back.
By taking a look at this account, you will also be able to give a loan consolidator accurate information to determine whether or not student loan consolidation is for you. In most cases, it is a good idea to consolidate your loans, especially if you are sitting on more than two or there. Since most graduates will have up to ten or more loans, you should consider consolidation to reduce your payments.
For more info go to http://collegestudentloanblog.com
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