Student loans are a common debt for anyone who has graduated from university or college recently. It can put a great deal of financial pressure on people, particularly if they have other debts to manage as well (which is often the case shortly after graduating). If a number of debts is causing financial pressure for you, debt consolidation may be the solution you need.
Whether or not you qualify for consolidation assistance will depend on a number of factors. The first is the type of student loan you have.
There are essentially two types of student loans – government loans and private loans. Government loans are offered by the Department of Education’s Federal Student Aid program. These types of student loans tend to be the easier of the two to qualify for consolidation assistance.
Private loans are usually used when a person doesn’t qualify for government assistance, and as a result they tend to have higher interest rates and less favorable terms. These loans can be more difficult to qualify for debt consolidation, and you may end up paying a higher interest rate in order to do so.
Debt consolidation is basically the process of...
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