When income is limited and you want to maintain the standard of living, the past especially the loans availed during the college days start haunting you. Some people repent for availing the loans during education but there is no use crying over spilled milk. Now that the multiple student loans and the collection agencies start harassing you, you become a desperate, frantically seeking someone who could help you at school loan consolidation.
Benefits:
Most of the candidates that have just completed their education and seeking employment first try for federal school loan consolidation. Some of the major benefits of this type of loan consolidation are as follows.
• The source of this loan is the government but issued by private lenders. This means that the duration of the repaying the loan can be prolonged for a considerable duration.
• The multiple student loans are substituted by a single loan
• The overall debt is reduced. This reduction at times can go even up to 60%.
• This leads to reduction in the monthly payment.
• The new rate of interest is based on the weighted average of the rates that are being applicable on the present loans that one has.
• One gets rid of the mental stress to remember the particulars about multiple loans.
• One neither requires a cosigner nor any checking of the credit score.
•One can use this opportunity to improve the credit score or rating.
Eligibility:
Proving oneself to be eligible for the federal school loan consolidation is not an easy task. Usually one needs to take the help of some good debt consolidation expert to prove eligibility for this kind of student debt consolidation loans. The qualifying standards for this loan are very rigid and there are many who do not qualify for this loan.
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What If Not Eligible?
For those who do not qualify for the federal school loan consolidation, the option of availing private school loan consolidation services remains open. These services are offered by private lenders and financial institutions. The loan applicant should remember that in case of private school loan consolidation, the terms and conditions are a bit more restricted and limited than in comparison to the federal school loan consolidation. If the candidate has piled up a lot of credit card debt, one of the alternatives that can be sought is the credit card debt consolidation.
When the credit card debts along with other debts pile up, it is obvious that the credit score will plunge and in these sort of circumstances one has to seek bad credit debt consolidation services.
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