I attended the Loan Consolidation Workshop on Tuesday, December 1st, 2010. In this workshop they talked about how to pay loans one has taken out. In my opinion this workshop was very useful because I got a lot of information that could be helpful in my future. It is much better to take all of your loans from one lender. This is better because like this you only have to pay one person and not 10 different ones. I also learned that after obtaining your first degree you will have to pay tax fees even if attending grad school. The process of obtaining a consolidation loan is the following:
verify all loans amounts and current holders.
There are many ways in which one could repay loans. For example, standard repayment(fixed amount form 10-30 years), Graduated Repayments(these start out low but then increase every 2 years up to 30 years), Extended repayments(you need at least to have a loan of $30k and like this will get 25 years to pay back), and Income Contingent Repayment Plan (ICR)(this is based on income and family size). Attending this workshop helped me get a better idea of how loans look like. I now know that it is much better to take loans from one lender only. Most importantly one has to look at the taxes one has to pay for every loan.
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