student loan debt
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Student loan consolidation deadline is Friday
People with student loan debts are scrambling to consolidate their loans before interest rates increase on Saturday, July 1.
Interest rates on existing federal student loans will increase nearly 2 percent to between 7 and 8 percent in July, as part of an adjustment the government makes every year.
That means that if you currently have unconsolidated federal student loans, your overall payments will rise.
Experts say that with interest rates headed upward, consolidation could be a good deal for many debtors.
"There really isn't a lot of reason not to do this," says Seamus Harreys, dean of student financial services at Northeastern University in Boston.
"It's the student loan world equivalent of refinancing a mortgage," says Martha Holler, a spokeswoman for Sallie Mae, a leading provider of student loan financing, though there is a caveat.
More student loan debt info
Tips for managing money after marriage
The wedding-day frenzy has ended, and the honeymoon happened weeks ago. Now one of the toughest challenges for young couples begins: managing finances.
Here are five tips from local and national financial consultants for living financially ever after:
1. Communicate expectations and habits. Spouses should be open about credit card and student loan debts. Begin to set financial priorities by answering either/or questions such as: Which is more important, owning a home as soon as possible or taking vacations each year?
You're entitled to one free credit check a year from the three nationwide reporting agencies. Couples should use that information to gauge their financial health and measure their year-to-year progress.
2. Know the difference between good debt and bad debt, and take action.