| It is pretty pathetic how well they really educate the | | | | smaller payment to continue paying on your loans |
| students on what they can do with their loans in | | | | without having to pay the full amount or ruining your |
| order to pay them off or at least protect their credit | | | | credit. These are all things to consider instead of |
| during the process. Since I once worked for Sallie | | | | defaulting on your loans. |
| Mae for about 2 weeks I was able to get the inside | | | | Second, when it comes to your student loan |
| scoop for all the different options. This was long | | | | consolidation options you need to make sure that the |
| enough for me to be trained on the options to use | | | | option you choose will give you the full deferment |
| on the phone when calling those with defaulted or | | | | and forbearance options. They many not be willing to |
| soon to be defaulted student loans. Here are your | | | | negotiate on the payment, but most will and this |
| student loan consolidation options and more. | | | | would be a nice option to have as well. You should |
| First, before we get into consolidation you need to | | | | make sure that win any of the student loan |
| understand what you can do to protect your credit if | | | | consolidation options you choose you also get to deal |
| you cannot pay on your loans or cannot afford the | | | | with one well known company and you need to |
| entire payment. You have a few different options in | | | | make sure they are not going to sell your loan to |
| this circumstance and the first is called a deferment. | | | | someone else. |
| You can use up to 2 years of deferment and you | | | | Last, you also want to get a payment that fits your |
| can break it up into 6 month increments if necessary. | | | | current budget to make life easier on yourself. This |
| This will protect your credit and give you time to get | | | | should also have an interest rate comparable to what |
| your finances in order before you start paying on | | | | you already have. When you consolidate you will no |
| your loans again. | | | | longer have to manage multiple payments and instead |
| Another option is forbearance and this can be used in | | | | you will have one payment, at one interest rate, with |
| 6 month increments as well. This is used for financial | | | | one company to deal with. This makes life much |
| hardship and times of unemployment. Along with | | | | easier for you financially. |
| these two options you can always negotiate a | | | | |