Consolidating private student loan debt
This comprehensive guide to student loan forgiveness is your first step to improving your financial situation.
Student Loan Forgiveness programs offer a variety of different forgiveness levels and payment timelines.
The minimum monthly payment on a consolidation loan may be lower than the combined payments charged on a borrower’s Federal education loans.
All federal and private student loans are considered unsecured debt.
Most loans can be discharged in the following situations: "Circumstances beyond the borrower's control" do not include things like having to drop out of college before graduation or inability to find a job after graduation.
However, there is a possibility that they could include a school using illegal recruiting tactics – for example, guaranteeing the student a well-paid career. Department of Education promised debt relief to students of the bankrupt for-profit Corinthian Colleges schools (click here for more information on how to apply).
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The Financial meaning of the term: Taking Multiple debt or credit lines and consolidating them into one new payoff plan.
Frequently, this is a consolidation loan, provided to consolidate debts into one loan with one payment.
Let's look at various options for dealing with student debt: discharge, forgiveness, repayment, debt consolidation – and finally, the worst that can happen if you simply don’t pay.
For a federal education loan to be discharged, there must be circumstances beyond the borrower’s control that prohibit repayment.