Introduction

If you are reading this, you probably have student loan repayment fast
approaching. Fortunately, you have options for repaying your student
loans. One of them is referred to as loan consolidation, which you
may discover makes perfect sense for your financial situation. Or, after
checking out the pros and cons, and examining your future career and
life plans, loan consolidation may not be right for you at this point. The
important thing is that you are thinking about your future, comparing
the different types of consolidation options available, and determining
what makes sense for you. Given the time, work and money you’ve put
into your education, this is a smart move.

Of course, you are used to making smart moves. You probably know
this already, but going after that undergraduate degree or finishing off
that graduate coursework is one of the smartest things you could have
done. Sure it’s been a ton of hard work, you’ve made lots of sacrifices
and most likely there’s a financial burden now placed on you and your
family, but in the long-term, your degree will provide a foundation for
you to earn more than someone who hasn’t earned that credential.

Here’s why: A bachelor’s degree hanging on your wall will earn you
62 percent more than someone who has only a high school diploma,
according to U.S. Census Bureau statistics. And over your lifetime, the
gap between your old friend’s high school diploma and your bachelor’s
degree will turn out to be more like a gulf—totaling more than $1
million. For those who are going after master’s degrees or PhDs, the
news is just as good: You’ll also stand to make more money than those
who didn’t take the next step.