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Contents

How to Consolidate Student Loans

How to Reduce Student Loan Debt

How to Defer Student Loans

How to Apply for Loan Forgiveness

How to Consolidate Your Bills

How to Freeze Your Credit Report

How to Get a Low Interest Rate Credit Card

How to File Taxes Online for Free

How to File for Unemployment

How to File for Unemployment in Texas

How to File for Unemployment in California

How to File for Unemployment in Kentucky

How to File for Unemployment in Michigan

How to File for Unemployment in Nevada

How to File for Unemployment in North Carolina

How to File for Unemployment in Ohio

How to File for Unemployment in Oregon

How to File for Unemployment in Rhode Island

How to File for Unemployment in South Carolina

How to File for Unemployment in Tennessee

How to File for Unemployment in Florida

How to Apply for Financial Aid

How to Apply for Financial Aid at Ohio State University

How to Apply for Financial Aid at New York University

How to Apply for Financial Aid at University of Southern California

How to Apply for Financial Aid for College

School Loan Consolidation and Debt Accommodation

School loan consolidation is the process of getting a larger loan to gain smaller monthly dues on school loans. Consolidate debt loans is far better than deciding to default on your payments, or just filing for bankruptcy.

Lenders are Selective for a Reason

If you wish to get school loan consolidation, it’s best to do it now while your credit rating is still pristine. Don’t wait around too long, because lenders are being more selective and they have more bite when it comes to potential borrowers that have bad credit histories.

According to Robin Leonard, author of Take Control of Your Student Loans (published by Nolo Press):

“After they assess fines and collection fees, don't be surprised if the amount you owe increases 43%. That's not to mention the damage to the credit you'll need as a cushion in case things are rough those first few years.”

Be Positive, Though

Don’t worry too much that the government and other lenders would be financial sharks, ready to pounce on your situation. It doesn’t work that way (at least not anymore). According Tess Van Duvali, assistant director of debt management at Emory University in Atlanta:

“Everyone's making greater efforts to be accommodating.”

The first thing you have to determine is who holds your loan. Before you mull over how much scrimping you have to do over the next five or so years, determine first if your loan had been sold already so Sallie Mae. Sallie Mae or the Student Loan Marketing Association (you can call them at 800-524-9100) is but one of many big secondary consolidation organizations that buy student loans off lenders.

This is done so that the money gained from Sallie Mae or Citibank can be used once again for other loans. It’s cyclical, and the process is nearly perfect business for lenders and school loan consolidation. If you’ve lost track of who your creditors really are, you can ring up the Federal Aid Information Center (800-433-3243).

Is School Loan Consolidation for You

Consolidation is basically getting another loan to pay off the old ones. A consolidation combines your debts and the grace period is extended. A consolidation gives you more time to save, or move to a six-figure employment opportunity head on.

If you do things correctly, you may be able to avoid paying two to three times more than the original debt. The key to making consolidation work for you is paying more than the minimum rate every time. View consolidation as merely buying more time. The responsibility is still there, but you just have more time to pay off your debts.

There’s nothing to stop a person from repaying a debt in full in a shorter period of time. If you don’t however, there’s a chance that just like any other kind of loan, the figure that you have to repay will balloon. Take a $40,000 debt that has been refinanced at 7% with a grace period of 15 years. If you take your sweet time in paying only $372 a month for 15 years, you will end up actually paying a total of $66,981.