Student Loan Debt Consolidation
There are several methods for students to find relief from debt – for example by the consolidation of student loans. If you are in over your head in student loans, you should be aware that there are several options for the consolidation of student loans.
However, to get started you must work out your loan amount and types of loans you owe. Next, you should get in touch with the lenders or college financial agents and request a loan drop. If you are in debt over your head, then this is a better solution than the consolidation of your student loans.
But, if that doesn’t work and you fail to seek the consolidation of your student loans, then you are at risk of lawsuits, tax refund losses and the possibly of wage garnishes. Again, whether or not you can request for a cancellation of the student loans will be depend on the type of student loans you took out, when they were issued, and for how much they were issued.
While it is rare, some colleges have issued student loans under false pretences. If this is true in your case, then you may request a cancellation of the loan. Furthermore, if you have suffered from an accident or became ill and the injuries or sickness have disabled you for life, then you can also ask for a cancellation on the loan.
Military personnel and members of some particular organizations qualify for a cancellation of student loans also. If you are able to get the loan dropped, imagine the money you will have to restore your creditworthiness and cancel some of your other debts too.
And in conclusion, assuming that you have paid your monthly instalments in good faith until times became difficult, you may qualify for a postponement of payments. This is called a deferment request.
The student loan lenders may present you with the “forbearance” option if you ask for a deferment. The “forbearance” means that the lenders will reduce your student loan payments temporarily until you are back on top of your debt.
As a student, you have numerous ways to manage your debts if you are currently in over your head. Do not assume that there is no solution; instead, spend your time researching the consolidation of student loans options instead of just worrying about it.