Consolidating student

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Since the interest rate on a personal loan is often considerably lower than on a credit card, and the repayment term potentially much longer, the consolidated payment may be much lower, as you indicated.If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.Even though the debt consolidation company will be making payments on your behalf, you will still be responsible for ensuring those payments are made to your creditors on time.If the debt consolidation company fails to make a payment on time, the late payment will be reflected on your credit report.

For these reasons, taking out a personal loan to consolidate higher interest debt can often be very beneficial.If you have more than one federal student loan, you may be eligible to consolidate these loans into one Direct Consolidation Loan.You cannot, however, consolidate your private student loans into a Direct Consolidation Loan.You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.Ask Suze a question or get another answer Please note: This is general information and is not intended to be legal advice.

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