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The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.
Student loan consolidation or refinancing can be a great tool to use for those looking to save on, or simplify, their monthly payments, but going that route can also have serious consequences if not approached carefully – there are even student loan consolidations scams to be aware of.
This is good news, especially as many college students are currently paying more than eight percent by way of interest on their college loans.
By going ahead and consolidating college loans you will be able to half your monthly payments and also get to take advantage of lower rates of interest.
If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.
In part, that's because a law enacted last year eliminated the decades-old "single-holder" rule.
Bruce Mesnekoff and his team at The Student Loan Help Center helped me tremendously with consolidating my student loans.
They reduced my monthly payments and guide me through each step of the process. They are the best in the industry and they would work with you in a timely and effective way sort out any financial stress and burden caused by student loan debt. I am a grad school graduate, loans were not an issue until the economy collapsed and my job situation and income changed drastically for the worse. I was treated with the utmost respect and felt totally at ease as I was reassured they would help me.
If you plan to graduate from college this spring, your mailbox may soon be filled with congratulatory cards from family friends, checks from distant relatives and reminders from your alma mater that your diploma will be rescinded unless you pay your overdue parking tickets.
But if you borrowed to pay for college, much of your mail will come from lenders, urging you to consolidate your student loans. For years, loan consolidation has allowed borrowers to reduce their monthly payments and avoid interest-rate increases.
That rule required borrowers who had all their federal student loans with one lender and wanted to consolidate to use that lender. Smaller lenders are eager to lure student loans from the major players, Walker says.