Student Loan Debt Consolidation

There is no getting around that fact that if you took out student loans, you will have to pay them back. This might turn out to be a difficult thing to do if you are still in school, or when you start a family, or even years down the road if you lose your job.

All those student loans may mean that you don't have enough money to start saving for a house. Maybe you can't even pay your bills or you don't have enough money left over each month to enjoy life. It doesn't make sense to continue to run up debt on your credit cards each month and get deeper and deeper in the hole just because you are juggling several student loans. Yes, the do have to be paid back, but you should take the time to figure out the way to do it that is best for you and your financial situation; and that might just be to take advantage of a student loan consolidation.

The money you take out on your consolidation loan is used to pay off all your other student loans and they then show up as paid on your credit report which might improve your credit score. The most important thing for you though is that consolidating will lower your monthly payment making it easier on your budget.

There are different types of consolidation loans you can take advantage of and it really all depends on your particular situation. You can select a loan that has a set monthly payment that is spread out over 10 to 30 years. Or you can take a consolidation loan that has payments that increase every two years so that the payments are less as you are just entering the workforce and starting out your new life on your own.

You can even select a consolidation option which takes into account your annual income and family size. Lenders have set up these programs to make it as easy on you as possible to make your payments in a timely manner. The lenders for student loan consolidations are both from the private sector such as banks and also from the government. In order to get a government backed consolidation, you need to have loans that originated from government programs initially. A government student loan consolidation will usually provide you with a lower interest rate.

Consolidation loans are easy and painless to apply for and qualify for and could make a real difference to your finances by lowering your monthly payment.

Eileen Ambrose - Baltimore Sun

Eileen Ambrose Baltimore Sun, United States - Aug 26, 2008 The Stafford Loan Forgiveness Program for Teachers forgives debt for full-time educators who have five years of service in low-income schools. ...

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The Consumerist

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Private student loans tougher to find - USA Today

New York Times

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New York Times

Kathy Kristof: Going into public service could win student-loan ... Arizona Daily Star, AZ - Jul 27, 2008 If you think you'll be eligible for the debt-forgiveness option, you might want to consolidate Stafford and PLUS loans through the Direct Loan program, ... Clock's Ticking for Student Loan Applicants TheStreet.com bad credit student loans indiainteracts.com What You Should Know About Private Student Loans SayCampusLife New York Times - Business Wire (press release) all 24 news articles

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Buried in Vast Higher-Education Bill Is Another Expansion of Loan ... Chronicle of Higher Education (subscription) - Aug 11, 2008 By Category Washington — A little less than a year after it passed legislation to provide Stafford loan forgiveness to public servants, Congress has voted ...