Refinance and consolidate student loans

The following article on student loans consolidation and refinancing is free for you to use in your lesson as a topic of discussion. There are many words relating to the consolidation of loans that native English speakers deal with every day without a second thought. But ESL students may not be able to handle more than just 'pay off bills' so this is a rich source of vocabulary for them. Get your student to read the article aloud and correct pronunciation.

Refinancing student loans - A good idea?
Student loan refinancing, otherwise known as student debt consolidation, is a system whereby a new loan can be taken out to pay for a collection of old ones.

For example, if you've got a mortgage loan, an auto loan (or car loan) and a personal loan (like a loan for a private holiday) you could go to one of these businesses that consolidate consumer credit and ask them to refinance your college loan.

They would take all your loans, including your home loan, and refinance them by paying them all off and giving you just one loan to deal with.
Really good businesses can actually save you thousands of dollars. So instead of spending 30 years paying off 4 amounts that you've borrowed, you only need to pay off one, plus interest of course.

And instead of 30 years it may only take 15 or 20.

Be very wary of some companies though. It may look like an easy way out but if the interest is flexible it could mean that, if you miss one payment, your interest rate suddenly doubles or trebles. Always read the fine print.

"Hmm, but if, after refinancing my loan, I can pay everything off within only 15 years, that means I could get another loan to go on holiday. Great!" Noooo!!!! 


If you're a teacher, these articles can be used to help you create a discussion lesson. Get the students to read an article aloud then discuss some of the vocabulary, phrases, idioms and phrasal verbs used. Discuss the issues that the article has brought up.

If you're a student, any reading is good English practice for you. Read an article on a topic you like then research any vocabulary used. If you didn't agree with what the article says, you can write your own, refuting it!

If you're wanting to Become an English language Conversation Tutor, you may be interested in the latest ebook from James here.

Have fun!

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