It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.
Consolidating credit cards student loans
Student loan debt is a grave concern in modern America.
In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.
This calculator is designed to help determine whether debt consolidation is right for you.
Enter your credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.
Find out the pros and cons to consolidation, if you’re eligible, and how to apply. But as if having a debt that may take 10 years or more to repay isn’t enough, most of us also graduate with several different student loans.
Each loan may have different servicing company, a different interest rate, repayment schedule, and due date.
However, such consolidation loans have costs: fees, interest, and "points" where one point equals to one percent of the amount borrowed.
In some countries, these loans may provide certain tax advantages.
This is a very risky proposition for many young adults.