Consolidating college access loans

24 Apr

Check out these stories: Needless to say, student loan debt consolidation is high on borrower's minds, and there is definitely a right way and a wrong way to go about doing it. Remember, scammers (and even sometimes legitimate companies) take advantage of people when they are struggling the most.

So, if you’re buried in student loan debt, and feel like you don’t have any options, you would turn to anyone to help you.

Over the last several weeks, I've had 2 different readers reach out about student loan consolidation.

You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.But unlike some other resources, loans must be paid back.Loans, and associated interestcosts, typically keep graduates in debt for 10 years or more.