Although there is a grace period of six months on federal student and some private loans, the situation rarely improves even after six months.
After that, the monthly EMI begins, which becomes a nightmare for the unemployed students.
As a result, you are required to pay towards this single one only.
This relieves you of all the hassles of interacting with several different money lenders, every month.
The interest rates on such a loan is calculated by averaging the interest rates of all the separate loans.
For most of us, student loans are a prime source of funding our college education.
We often hope that after completing college, we will land a decently paying job, that can take care of all our loans.
However, sometimes, situation has something else to offer.
Owing to the current economic meltdown, many graduates are finding it increasingly difficult to land a job in the first place; let alone, a decently paying one.
As a result, people often end up borrowing from several financial institutions.
The interest rates for these institutions also vary to a great deal.