Consolidating loans pros and cons

You help support Credit Donkey by reading our website and using our links.

Did you graduate college only to be saddled with tens of thousands in student loans?

Repaying loans off as quickly as possible can help you free up some extra cash in your budget. Use this Student Loan Repayment Estimator to figure out where you stand.

Plus, the longer you're carrying around this debt, the longer you put off making any progress on other lifetime goals.

For instance, saving for retirement, buying your first home, or preparing for marriage. With the tips in this article, you'll be able to put those student loans behind you.

You're entering your new adult life full of freedom and opportunities.

But you're entering it weighed down with debt before your first paycheck.

It may be tempting to not pay anything at this time (especially if you're just getting your footing in an entry level job).

But throwing even an extra a month at your debt reduces your interest first and then principal which shaves some time off your repayment period.All it takes is discipline and a better repayment strategy. We split the information up by type of loan, but many tips apply to both, so make sure to read everything.Before we get started, it's helpful to know exactly where you stand on your student loans. Federal loans make up the bulk of student loan debt in the U.S., including loans taken out by students and PLUS loans owed by parents.If you've got federal loan debt, here are some options for paying it off more quickly: 1. Federal student loan borrowers are typically granted a grace period before their first payment is due, during which time no interest accrues on your subsidized loans.Check out this full list of grants that can also help you take care of those loans. Many loan servicers offer a 0.25% interest rate reduction for any borrower that enrolls in automatic payments. The interest on your federal student loans are calculated daily.