| If you are a parent paying to send your child to | | | | consolidate your federal and private student loans |
| college, or are currently trying to pay off your | | | | together, you will not get as low of an interest rate. |
| student loans, you understand how expensive college | | | | Private loans usually charge higher interest rates than |
| can be. Because it is so expensive, loans are | | | | federal ones. |
| becoming more popular. With these loans come | | | | If you want to consolidate your student loans, you |
| student debt consolidation services to help students | | | | must be out of school and in the "grace period" of |
| manage this debt. Even if you are not studying | | | | the loan before payments start, or must already be |
| abroad or going to graduate school, chances are you | | | | making repayments. You cannot consolidate your |
| will graduate with more debt than students a | | | | loans while you are still in school. If you're considering |
| generation ago. | | | | the debt consolidation route, your first step is to visit |
| Student loans usually have low interest rates and | | | | the debt consolidation company. Ask them to |
| flexible payment terms, because they are targeted | | | | contact your lenders on your behalf to try to reduce |
| towards students, who do not typically have a | | | | your payments and interest rates. Some debt |
| steady income that is enough to pay them down. | | | | consolidation companies can also help you qualify for |
| However, even with low interest rates it can be | | | | other programs that can reduce your debt, including |
| difficult to pay them back on schedule. | | | | reductions for on-time payments or automated |
| There are many debt consolidation programs available | | | | direct-debit payments. |
| that are tailored specifically to student loans, helping | | | | Like any other loan, having a student credit loan |
| students manage this debt and avoid defaulting on | | | | affects your future prospects should you wish to |
| the student loans. Many of these debt consolidation | | | | take out a loan for any other purpose. If your |
| programs can try to reduce or even eliminate your | | | | student loan debt is more than eighty-five percent of |
| principal. Whether or not this is possible depends on | | | | your total income, this will lower your credit rating. |
| the specific kind of loan you have. | | | | These student loans can affect the loans you are |
| Many debt consolidation agencies will also help you | | | | able to get in the future. |
| consolidate your student debt, so that you can make | | | | Before choosing a debt consolidation company, make |
| lower payments each month. | | | | sure they are reputable. If you choose a company |
| There are two types of student loans, federal and | | | | that is not credible, you will just compound your |
| private. If you have both kinds of loans, do not | | | | problems. However, there are many debt |
| consolidate them altogether. Federal loans have | | | | consolidation companies out there that are willing to |
| government backing, so they can be refinanced at a | | | | help you consolidate your student loan debt. |
| much better rate than private loans. If you try to | | | | |