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Paying Off Your Student Loan With Debt Consolidation

Itís not unheard of, surely. But letís get to the basics. There are two student loan types that are made available to financially struggling students. The federal student loan is a loan given by the government, particularly the countryís Department of Educationís Federal Student Aid program. If you have a federal student loan, this is easier to get debt consolidation for. The second type would be a private student loan. You get this loan from non-government lending institutions. Usually, they charge higher rates compared to those with the federal student loan type so itís harder for debt consolidation specialists to take care of. In this article, we wonít bother discussing about how to get a student loan because thatís another topic entirely.

So anyway, now youíve got your student loan, as well as other bills and you lack enough money to pay things off. Again, thatís where debt consolidation comes in. Debt consolidation is also known as bill consolidation, debt negotiation and debt settlement. Usually, the two latter terms somehow end up being connected with illegal means so itís best to stick with debt consolidation for the moment. Debt consolidation is the process of totaling the amount of all your loans and bills put together and asking the help of a debt consolidation specialist to negotiate with your creditors in your behalf.

If youíre worried then about paying off your student loan, you now have an alternative. Usually, the school you attended or still attending can give you suggestions on which debt consolidation companies to approach. Failing that, if youíve got a federal student loan, you can easily go to the nearest government branch and they can hook you up with a recommended debt consolidation specialist. Since the rates of a federal student loan differs from that of a private one, it is better that you donít

refinance the two together.

Now, you can only have your federal student loan consolidated if youíre no longer in school, youíre not behind payment and minimal amount of loan that you took is $10,000. So if you donít meet one of those three requirements, your student loan canít be part of your debt consolidation program.

When it comes to private student loan types however, itís much more lenient when it comes to requirements but it costs a bit more. If you donít prefer any debt consolidation in particular, Citibank can offer you a program that would benefit you. You can check out for more details.

Statistics show that most student loans cost more than your income so this is at odds with the expectations of private lending institutions who give out student loans because they believe that your income will go higher as you complete a higher degree of educational level. Nonetheless, since you already took a loan and thereís no going back, itís entirely understandable that you see debt consolidation as a solution, even though a lot of debt consolidation companies nowadays are being sued for fraud and malpractice. The importance is learning from your mistake. You took a student loan because you believe it was worth it. So now, you learn if itís worth the financial worry. And later on, youíll also learn if debt consolidation is worth the risk. All in a studentís dayís work.

About the Author: Diego HR. is the owner of My Debt Consolidation Advisor and invites you to take a download free helpful information, articles, and more.