Student Loan Consolidation

If you're dealing with several student loan payments, the good news is that it's easy to consolidate. If your student loan debts total more than $10,000, you're eligible. You don't need a co-signer, collateral, or even a job to be able to consolidate your federal student loans. Consolidation is the right choice for most people for two reasons- first, if your loans have varying interest rates, you can combine them into one payment with a lower overall interest rate. Secondly, if you have loans with varying maturities, you can lower your monthly payment. For example, if you have three loans in with two, four, and six year maturities, one ten-year consolidation loan could seriously lower your monthly payments. However, be aware of the fact that you'll pay more in interest over time when you stretch your payments out. But for recent graduates who are just starting out, the lower monthly payment can be the smart choice.

Also, consider whether you want to consolidate with a private company, or with the U.S. Department of Education. Private lenders can often offer lower interest rates or more complex packages, but you can usually only consolidate once with a private company. With the Department of Education, you can potentially consolidate multiple times - a real benefit, especially if you go back to school at some point and add new loans to your profile. Remember that the U.S. government backs student loans. In that way, they're more like taxes than other loans. If you can't make your monthly payment, the government isn't a fun creditor to have. If you miss several payments and find yourself "in default," the government can even garnish your wages.

Student loans can be confusing, so begin the process at www.fafsa.ed.gov. If you find that you have a complicated array of loans, a company like Debt Relief USA can help you sort things out. Don't let confusion stop you from taking advantage of student loan consolidation.

Related Student Loan Consolidation Articles Related Student Loan Consolidation FAQ's
Begin Online or Call 1-888-439-5454

Find the Right Debt Solution
Start With a FREE Debt Analysis

1. Which of these best describes why you are
    in debt?

2. What types of debt do you have?
    (please check all that apply)
img
Please Note: Unsecured debts are debts such as credit cards, personal loans, lines of credit, store cards, medical bills, and utility bills that are not secured by collateral. Mortgages and car loans are NOT considered unsecured debt.
Privacy Policy | Terms & Conditions | Sitemap | © 2004-2012 Triad Media Solutions, Inc. All Rights Reserved.