| Many people took college student loans when they | | | | Student debt consolidation is only a one time solution. |
| were in colleges or universities. When they have | | | | If you have consolidated your study loan previously, |
| graduated, they need to start making monthly | | | | you are not allowed to do so anymoreo Beware of |
| payments to pay back their debts. In this economy, | | | | the drawback of debt consolidation. In fact you are |
| most of the people are facing difficulties to find a job | | | | actually paying your loan back over a longer period of |
| and consequently, they are having trouble of not | | | | time. It delays your objective of getting debt freeo |
| being able to pay back their loans. | | | | You need to fulfill the minimum requirement of your |
| Here come the college student loan consolidation | | | | loan amount. In general, at least USD 20,000 of loan |
| programs to ease the burden of the people with | | | | amount is required in order to consolidateo If you |
| huge student debts. But loan consolidation is not the | | | | miss your payment on your loan after consolidation, it |
| total solution for everyone. There are many points to | | | | will generally affect your credit score |
| consider before going through this step. Let's take | | | | You are reminded that determining your exact |
| note of the important points below:o The interest | | | | financial situation is the most important. In certain |
| rate after consolidation MUST BE MUCH LOWER than | | | | circumstances, consolidating your college loans may |
| your existing ones. It is no point to consolidate your | | | | not be the answer for your financial problem. |
| study loans if you couldn't save much in the long runo | | | | |