Sallie mae not consolidating loans
Use a consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.
Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.
Up until 2005 private student loans were able to be discharged in bankruptcy.
Once that was eliminated by Congress the private student loans lenders starting pouring out loans like water without regard to affordability or repayment.
And student loans have the fewest solutions and options to deal with the debt.
People who took out student loans, especially private student loans, are essentially financial slaves until Congress changes the laws.
Student loans are an exploding crisis, and I mean a massively exploding crisis.
More is owed today on student loans than on all credit cards.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.Basically a cosigner has all the liability and none of the benefits of the loan. If these loans are private student loans and not eligible for income based repayment programs from the government then your logical choices are to earn more, ask your father to help pay the loans each month, or if you have other debt that is holding you back from making the payments you should consider bankruptcy.A chapter 7 bankruptcy won't eliminate the student loans but it will terminate other debt in about 90 days and leave you better able to make the private student loan payments.Those include the option to tie payments to income and opportunities for loan forgiveness.» MORE: Should you refinance federal student loans Like the federal government, private companies offer the option to consolidate multiple student loans into one.