But if you’re like most graduates, you might be feeling, well, a little grounded.
If you have private student loans, Wells Fargo can give you options for combining or refinancing your loans.
Be sure you understand the implications of loan consolidation.
The following article will help answer your basic questions: Loan Consolidation: What's the big deal?
However, if you consolidate sooner you may be able to lock into a lower, fixed interest rate on your consolidation loan before the variable interest rates on your individual loan(s) start to rise.If you have outstanding balances on several different federal loans, you may be able to combine them into one new consolidated loan with one monthly repayment.This reduces the size of your monthly payments by extending your repayment period for 10 to 30 years, depending on your total debt.For more information, check with your lender or a financial aid administrator.Or visit or contact the Loan Origination Center's Consolidation Department at (800) 557-7392.The Direct Consolidation Loan Program lets you combine one or more federal student loans into a single new loan. The following are some of the details about the Direct Consolidation Loan Program: Consolidation loans do not have six- or nine-month grace periods the way some other loans do—you must begin repayment on a consolidation loan within 60 days of disbursement, regardless of whether the grace periods on the individual loan(s) has ended.So instead of making several different student loan payments, you make one monthly payment for all your federal student loans. A question you will have to consider if you choose to consolidate is when to do it—before or after the grace periods on your individual loan(s) end.In that case, consolidating early could help you save money in the long run. Close Consolidated loans feature the same repayment options as other federal loans, ranging between Standard repayment, Extended repayment, Graduated repayment, Income-Sensitive Repayment, Income-Contingent Repayment, or Income-Based Repayment plans.The repayment period will last 10 to 30 years depending on your student loan debt and the plan you've chosen.Consolidation loans do not have a grace period, and payments begin shortly after the consolidation is finalized.You also will make more payments and pay more interest.