Consolidating federal student loans good idea

26-Mar-2015 13:34

One advantage of this approach is that if you pay off student loans with this loan, you now have bankruptcy protection on the debt.

When dealing with private loans, instead of consolidation, may be your best bet.

Another option would be just to get an unsecured loan and use it to pay down the balance on your student loans.

Student loan consolidation is a great way to improve your credit score and lower your monthly payments.

However, it is very important to look at the terms of your new consolidated loan to make sure that you are really getting a good deal.

, and once a private loan is put with a federal loan, all of the federal loans loose their benefits. Consolidating your private student loans is no easy task with a bad credit score. The one conceivable exception would be if you were to get someone to cosign on your consolidated student loans.

If you read every article on this website, and you only learn one piece of information it should be to not consolidate your federal loans with your private loans.

This is a mistake that could cost you a fortune in the long run.

There are many companies looking to take advantage of people struggling with their student loans.

It is critical that you do your research before you make any student loan consolidation decision.

This is especially true if you have a bad credit score.

If you read every article on this website, and you only learn one piece of information it should be to not consolidate your federal loans with your private loans.This is a mistake that could cost you a fortune in the long run.There are many companies looking to take advantage of people struggling with their student loans.It is critical that you do your research before you make any student loan consolidation decision.This is especially true if you have a bad credit score.Repeat after me: NEVER CONSOLIDATE FEDERAL LOANS WITH PRIVATE LOANS!