However, realize that the underlying cost structure doesn't change, and you will still end up paying the same amount of interest over the life of this new consolidated loan compared to the underlying loans. A Federal Consolidation Loan simply streamlines your payments.If you don’t want to do it yourself, as I’ve said above, use a company like Ameritech Financial.Remember, there is no escaping your student loan debt, but there are options that can help you repay them in a much more manageable way.
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Over the last several weeks, I've had 2 different readers reach out about student loan consolidation.
Do your due diligence if you want to go this route by using Credible, a marketplace for student loan refinance.
With Credible, you can receive and compare offers from most of the lenders in the student loan refinance industry by completing one simple form.
Both of them were going down a scary path with not very reputable student loan consolidation companies.
In fact, one company was simply a student loan scam. If you want to pay for help, that’s fine too – there are companies that can help you.
I want you to check out these stories, and really pay attention to what's going on here.
Student loan consolidation is an option, but these stories also reflect a lot of the other things we've been talking about lately – being financially negligent while in school, and the need to setup side hustle income streams.
They will ONLY consolidate loans that need to be consolidated.
For example, if you hold Federal Family Education (FFEL) loans and need to qualify for Public Service Loan Forgiveness, they’ll be able to assist you in the consolidation of said loans.
If any random program or company tells you otherwise, they are out to scam you or simply may not have your best interest in mind.