Government Debt Consolidation Loans – Update

edward asked:


WHy does the government want college students to consolidate their studnet loans once we graduate? What is the benefit in doing this? I jsut graduated and dont know what i should do, i just remember hearing that i am supposed to consolidate my loans..

thanks

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M.K. asked:


The time has come, these Alumni Loan people are saying my $50,000 debt will be a $538 per month with out consolidation, and $250 with. What should I be looking for to get the best deal

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JUMBO shrimp asked:


Is there anyone that will consolidate sallie mae student loans? Also who is the best provider of consolidation for private student loans?

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joliejulia06 asked:


Hello all,

So, I need some serious help and I am pooling ALL of my resources to see if anyone has any help for me.

I am currently trying (and have been, for the past month or so) to consolidate my student loans. I have about $35,000 in private loans outstanding, and my grace period will be up come mid-March. I have applied for 7 different consolidation loans, through 7 different companies- all have been denied because they say I need a cosigner, as my credit is not strong enough to get this loan on my own.

Assuming a co-signer is NOT an option (which, as of now, it is NOT an option), does anyone know of anywhere I can turn? Any companies that do not base their decision SOLELY on credit? Companies that examine your situation, your income?

I am about ready to move out of the US and totally bounce on these loans guys (kidding… half kidding, anyway). If I don’t consolidate, I can’t repay, and if I don’t repay, I ruin my credit even further! If anyone has ANY resources- names,

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double v asked:


If subsidized loans meeans that I don’t pay intrest until after I finish college, should I NOT include them in my loan consolidation? Once I consolidate my loans can I make corrections?

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moonie asked:


I have a question about student loans consolidation. I am going to finish my undergrad this summer and going to graduate school this fall, should I consolidate my loans now or after graduate school (3 years from now)? I am getting a lot of mail and phone calls from these company and I was just wondering if it was a wise decision to consolidate now? I have about 16,000 in debt from undergrad, and after graduate school, the total will be about 100,000. Thanks!!!!!!!!

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Ricky Lim asked:


With the rising costs of education, taking student loans is the only way out for most students who are keen on completing their education. Students take loans at various stages of their education with varying rates of interest applicable to them.

As their education continues, these loans pile up, and managing them becomes increasingly difficult for them because of the lack of stable means of income. To help such students, bad credit student loan consolidation comes into play.

Defaulting on loans means that the credit rating of the student would slide down, making it difficult for him/her to get loans in future. The best way to deal with such a situation is to consolidate your loans into one single bundle.

Bad credit student loan consolidation makes the loan easier to handle, and the student gets the advantage of having good credit ratings and having a considerably lower rate of interest to pay.

It works by the student surrendering all his loans to a student loan consolidation company. The company repays the loans taken by the student and issues a new one for which the student is obliged to pay monthly instalments.

Bad credit is the term used when a student is unable to repay his loans. It comes with a lot of disadvantages and therefore, for getting out of student loan consolidation is the best option available to the student. A student loan would help the student to have a good credit rating, making his funds much more manageable and giving him/her time to repay his/her loan.

Bad credit student loan consolidation may be a bit more costly because of the student’s tarnished reputation concerning the repayment of loans. However, it is still a good option to go for them since they help in taking the load off the shoulders of the student.



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