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The Realities Of College Loan Consolidation

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The cost of getting a good education at a college or university in recent years has hit stratospheric levels, and the majority of students these days have at least one and probably multiple student loans. This is required to keep paying the costs, since you cannot graduate if you have as much as an overdue library book fine.

But as you start getting closer to graduation or have recently graduated, the reality of the fact that you need to start paying back these college loans will hit you like a ton of bricks, and it might seem to be a totally overwhelming task to get it paid back, even at the interest rates that are lower than a traditional loan.

You need to consider a college loan consolidation program in order to get this task under control to a point where it is manageable. There are multiple benefits to such a program, but first let's take a look at how things work out if you do not use a college loan consolidation program.

Let's say that for the sum total of your student loan payments, it comes out to be $700 every month for a number of years. Wow, you've only just started a job, you are paying rent on an apartment, you need gas in your car, you need to eat, and an extra $700 a month is just not in your budget. What to do?

You can default on the loans, which many people do. But know that this is going to leave huge negative marks on your credit report, and right now, that is the last thing you need. If you start getting dings on your credit report, it will literally take years for that to come back around and give you a good score.

You are thinking bankruptcy? Think again. Federally funded student loan cannot be discharged with ANY chapter of bankruptcy, so filing for bankruptcy is not going to help you at all, at least not as far as your college student loans.

Enter a college loan consolidation program. Such a program allows you to take your student loans and give them to the consolidation company. You then make payments to them each month and they make your student loan payments for you, on time, each month.

Consider the benefits to you in this program. Your credit report remains intact because your student loans are being paid on time each month. Next, the consolidation company is usually able to lower your payments, so that instead of that $700 a month going out, it might only be $450 or $500, giving you some additional financial breathing room.
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