Consolidating your federal student loans

03-Sep-2015 09:08

The only way is to go through the Federal Direct Consolidation Program.

If any random program or company tells you otherwise, they are out to scam you.

Second, if anyone tells you that you can lower your balance from loan consolidation, not make payments, or do anything else “magical”, they are lying to you as well.

Remember, there is no escaping your student loan debt, but there are options that can help you repay them.

It’s important, though, that you understand what you can and can’t do.

If you have Federal Student Loans, there is only one way to consolidate that loan.

In fact, one company was simply a student loan scam.

Both of them were going down a scary path with not very reputable student loan consolidation companies.Check out these stories: Needless to say, student loan debt consolidation is high on borrower’s minds, and there is definitely a right way and a wrong way to go about doing it. Remember, scammers (and even legitimate companies) take advantage of people when they are struggling the most.So, if you’re buried in student loan debt, and feel like you don’t have any options, you would turn to anyone to help you.You have more options when it comes to private student loans.Student loan consolidation is an option, but these stories also reflect a lot of the other things we’ve been talking about lately – being financially negligent while in school, and the need to setup side hustle income streams.

Both of them were going down a scary path with not very reputable student loan consolidation companies.Check out these stories: Needless to say, student loan debt consolidation is high on borrower’s minds, and there is definitely a right way and a wrong way to go about doing it. Remember, scammers (and even legitimate companies) take advantage of people when they are struggling the most.So, if you’re buried in student loan debt, and feel like you don’t have any options, you would turn to anyone to help you.You have more options when it comes to private student loans.Student loan consolidation is an option, but these stories also reflect a lot of the other things we’ve been talking about lately – being financially negligent while in school, and the need to setup side hustle income streams.Then, there is the problem of student loan debt on top of it.