| It is naturally a much better option to consolidate | | | | obviously hold your income down. Defaulting on even |
| private student loan programs than it is to default on | | | | a private school loan can still lead to consequences |
| a private school loan. It can be very difficult to | | | | like garnished wages and tax refund checks. |
| graduate, find a high paying job that will set you up, | | | | In order to effectively consolidate private student |
| and balance your daily needs with your school loan | | | | loan programs, you have to work with the right |
| payment. However, this is exactly what financial | | | | agency. There are those that have stricter |
| institutions expect you to do. | | | | requirements than others, and there are those that |
| The absolute greatest benefit to being able to | | | | have more determined aspects than others. GPA and |
| consolidate a private student loan is that you will | | | | payment history may or may not factor in, so be |
| have more financial options at the end of every | | | | sure to ask a lot of questions about how you qualify. |
| month. While it is true that loan consolidation | | | | In order to consolidate a private student loan you are |
| programs may be reported on your credit, it is | | | | probably just going to have to fill out some |
| certainly not nearly as damaging as a defaulted | | | | applications (usually online) and then talk with the |
| school loan being reported on your credit. Choose | | | | credit relief agent that can lower your payment. |
| wisely and carefully, as you might need to make this | | | | Lowering your monthly payment gives you more |
| choice without enough time to thoroughly investigate | | | | breathing room than before. You can often find that |
| your options. | | | | you're paying between 25% and 50% less with a |
| It seems like you should be able to simply stop | | | | consolidation. |
| paying on your school loan. It's not like a car that | | | | Before you consolidate private student loan |
| they can come repossess or an apartment rental | | | | agreements and programs, make sure you know |
| default that can evict you, right? So when money is | | | | what you're getting in advance. Ask how much goes |
| tight and there are choices to be made, the school | | | | to the loan and how much is kept by the agency. |
| loan is the easy one to ignore. They can't repossess | | | | You will hear a surprising number of different |
| an education. | | | | answers. A consolidation program for a school loan |
| Yet it isn't this simple. Your bad credit could end up | | | | might be just want the money doctor ordered for |
| making your education rather useless if you have to | | | | some peace of mind and some more fluid income. |
| pass a security clearance for your position. This will | | | | |