Students with little or no credit history, or those with a poor credit report, may find that they will need to apply with a credit-worthy cosigner in order to be approved for a consolidation loan.Typically, cosigners can be relieved of their responsibilities after the primary borrower has made the requisite number of timely payments, thus allowing the primary borrower to build a solid credit history.Federal student loans also provide certain benefits that may be unavailable with private student loans.The Federal Direct Consolidation Loan Program (FDCLP) offered by the federal government allows borrowers to combine any of their outstanding federal student loans into a single new loan.It is nearly impossible to complete a college education without creating some level of student debt.Loans, both Federal and private, make it possible for thousands of students every year to achieve their college goals.
Students applying for a consolidation loan will find that banks and other private lending institutions have made the process relatively easy.
If you are struggling with student debt or just want to make it more manageable, refinancing or consolidating your student loans can help your financial situation.
You may be able to refinance your student loan debt and reduce your monthly payment or lower your interest rate to make your loans more affordable.
Consolidating your student loans begins with contacting a private lender.
Banks and private lending institutions that offer student loan packages often also offer loan consolidation programs.