Student loan consolidation

Finding help with your student loan

If you are a college student and you find your debt mounding, there are a number of ways to find help. It is possible to find relief through medical school loan consolidation, finding additional aid, or even begging the credit companies to reduce your monthly payment. Since this nation understands that education is vital, both law and creditors are fairly lenient about how you are made to repay debt. Make no mistake, you are still bound to repay it, and only bankruptcy or permanent injury can free you from your obligation.

Make no mistake: loan consolidation is big business. There generally is no penalty for repaying a student loan early, as there often is with other long-term, fixed-rate loans. If you have many loans, or if a parent has several children going to college and wishes to arrange their various loans into a single payment, then consolidation is also possible. Having only one payment is simpler than having many, as even a single student can arrange for quite a few within a few years. Federal and private services, such as, are eager to provide this service. Through such services, it is possible to arrange repayment lengths of up to 30 years. It is also possible to sometimes find a better interest rate.

There are other options. Having a job while in school can ease your financial burden considerably, and there are many sources of financial aid. Some institutions help you repay your loan as part of your incentive, and it is also possible to find more grants even while in school. It may pay to go to a cheaper school for certain credits. It all else fails, it is possible to beg the credit company to lower your payment. Interest will still accrue, and you must still repay the total amount, but it is possible to only pay interest until you find a happier position in the workforce.

1. “Debt negotiation
2. “Pre bankruptcy credit counseling