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How To Utilize A College Loan Consolidation Program

Feb 20, 2008
It is probably not news to you that for the vast majority in students in college these days, they have multiple student loans which can amount to a staggering amount of money. While unfortunate, the situation is not getting better and in fact is getting worse, but still, the alternative of not getting a college education is not a viable option by any stretch of the imagination.

As your graduation date draws near or shortly after graduation, you will suddenly come to the realization that you need to start making payments on those student loans. And if you haven't been keeping track of them, you may be floored to realize the total amount of money you owe in student loans. Even with the lower interest rate that usually accompanies a student loan, paying them back may seem like an overwhelming task.

Consider a college loan consolidation loan to give you the financial breathing room that you need right now. This will help make that loan more manageable, and easier to fit into your limited budget. But first let's look at what can happen if you elect to not get into a college loan consolidation program.

Say you have three student loans, and loan payments are going to be $200 a month on each of them. Right now, you have just started a new job at the bottom of the corporate totem pole, or maybe you are still looking for that job. You have rent to pay, you need to eat, your car runs but still requires gas, and the thought of having to pay an additional $600 a month to make payments on your student loans is all but out of the question.

So you can default on the loans, which may be your only option. But you need to know that doing so is going to leave a huge blemish on your credit report, which is going to negatively impact many other areas of your life. If you start getting blemishes on your credit report, it can take years for those to fall off and show you as a good credit risk again.

So someone mentioned the possibility of bankruptcy to you? Buzz, wrong answer. Student loans cannot be discharged via bankruptcy, so if you file for bankruptcy, it may help in other areas but your student loan obligations will remain intact.

Consider a college loan consolidation program. What such a program does is to allow you some financial breathing room. The consolidation company takes over your student loans, and as long as you make timely payments to them each month, your student loans will be paid on time.

There are multiple benefits to you with such a program. Your credit report remains intact because your student loan payments are being made on time. Also be aware that the consolidation company is usually able to get you a lower payment, so that maybe you are only paying 60% of what the total payment amount was before, which gives you the financial breathing room you need.
About the Author
For more insights and additional information about College Loan Consolidation as well as getting a student bill consolidation quote, please visit our web site at http://www.debtconsolidationstrategies.com
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