Student Loan Consolidation

Over 65% of college seniors graduate with some debt. On average that debt is close to $20,000.

There are several ways to deal with this debt:

• Build a solid budget of expenses and see how much you can allot to the repayment of your student loan; make sure to do it regularly!
• Pay more than the minimum amount due on your student loan debt
• As you progress in your career and earn more money, tweak your budget to focus even more cash towards your student loan
• If you get any bonuses at work, use part for pleasure and part to make extra loan payments
• Utilize automatic bill-pay in order to insure that your student loan debt repayment is a top priority and that your payments are always made on time
• If you end up with multiple student loan debt, consolidate your loans and refinance at a lower interest rate as it will be easier to manage one payment with one deadline
• Do not add any additional debt; try to reduce credit card usage and pay the balance off in full when you can

Debt often takes a period of time to accrue and even longer to eliminate. But if you neglect it, it will stay with you for ages; don't let it happen!

Student loan consolidation refers to the decision by someone with multiple student loans from multiple sources to combine them into one, single loan. It's a decision that makes a lot of sense to a lot of people.

Most students who need help paying for college and university end up getting the financial aid they need in the form of loans, which will often come from multiple sources. If you're a student who needs help, it's entirely possible that you'll get help from both public and private sources. The first place you'll want to go is the government and the Department of Education. They review your financial situation and come up with a figure they think you deserve. After that, you'll need to cover the rest of your tuition, and that's where private sources come in to play.

If you're considering consolidating your student loans, it's important to remember that not all loans can be consolidated. According to the Department of Education, the following types of loans are eligible:

• Direct Subsidized and Unsubsidized Loans
• Federal Subsidized and Unsubsidized Federal Stafford Loans
• Direct PLUS Loans and Federal PLUS Loans
• Direct Consolidation Loans and Federal Consolidation Loans
• Guaranteed Student Loans
• Federal Insured Student Loans
• Supplemental Loans for Students
• Auxiliary Loans to Assist Students
• Federal Perkins Loans
• National Direct Student Loans
• National Defense Student Loans
• Health Education Assistance Loans
• Health Professions Student Loans
• Loans for Disadvantaged Students
• Nursing Student Loans

The following loans are, according to the Department of Education, ineligible for consolidation:

• Loans made by a state or private lender and not guaranteed by the federal government
• Primary Care Loans
• Law Access Loans
• Medical Assist Loans
• PLATO Loans

So, before you apply for your student loan consolidation loan, make sure you know what you can and cannot do. The good news is that consolidation loans help millions of Americans save money every year.

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