"A Story to Tell"

The time is soon approaching graduates. Soon you will be trading in your athletic gear and textbooks for business suits and time cards. Some students will still have the chance to duck adult hood by attending graduate school or taking time to study abroad but others with these last weeks of school it could be your lasts chance to get help from mom and dad for unpaid parking tickets and the habits we have of spending without thinking. Graduation time is a great time. You are finally getting out of school, you might have that job lined up for you and you’re thinking life is going to be great with no worries. Well if you’re like me there’s one thing you do have to worry about. And that’s paying back student loans.

I could just imagine the calls from the bill collectors pouring in. That’s why as future graduates we should pay close attention to our student loans and not take them for granted. I interviewed loan advisor Mike Finnegan and asked him, How Can I Payback my student loans as a college graduate?

Mike Finnegan is a loan advisor with the Collegiate Funding Services (CFS) this is an organization that is geared to helping college students and grads with help and information on loans and consolidation.

Mike told me “that it would be a good idea for college grads to consolidate there loans as soon as possible”. He said, “The best time to do this would be now, because the interest rates on loans are looking to rise to about 8%”. What does this mean for you grads? Well it means the 4.7% interest rate that you now have is going to rise tremendously, meaning you will have to pay more. “With consolidation you can bundle all of your loans into one giant sum and pay the interest from there at a lower rate. The rate would be rounded to the nearest tenth and since the interest rate is 4.7% it would round up to 4.75%”.

If you are like me and you want to save as much as possible I insist that you get in touch with CFS to see what you can do to consolidate your student loans. If they can’t help you they would be able to direct you to who you need to talk to about consolidating and getting the best interest rate you can get on your loans.

You can visit CFS online at www.cfsloans.com or by phone toll free at 1-866-910-0066.