Consolidating student loans with bad credit
That single consolidation payment may be lower than your previous payments combined if your repayment term is longer, and consolidation can also decrease your interest rate.
In general, you can consolidate your federal loans separately from your private loans. Department of Education serves as the lender for the Direct Consolidation Loans, with which you can consolidate existing Direct Loans, Federal Family Education Loans (made under the old FFEL program), PLUS Loans, and sometimes Perkins Loans.
With many debt consolidation loans, bad credit is not a barrier to getting approved.
So you don’t need to say at the outset, “this won’t work for me because my credit history is damaged.” But why should you want to consolidate your loans?
Legitimate lenders do not offer private student loan consolidation products to borrowers without acceptable credit history.
But if your credit is damaged and you still want to consolidate your private student loans, one possible solution is finding a creditworthy cosigner for the new loan.
Have multiple outstanding loans that seem almost impossible to pay off?
Are creditors calling daily, while the complexity of various interest rates and due dates keeps making it challenging to avoid late payments?
And student loan consolidation is a big part of the consolidation market today.And you can use our search engines to see what kinds of loan terms you would be able to get under a consolidation plan.There’s not harm in checking, and many stand to benefit from loan consolidation – so why not at least give it a look?That’s not surprising, considering that most who attended college, community college, trade school, or grad school have 5 to 10 or more individual loan debts all set at differing interest rates.One reason to consolidate student debt is to achieve a single, overall lower interest rate that you lock in for the life of the new, consolidated loan.
Search for consolidating student loans with bad credit:
Debt consolidation loans BAD CREDIT may be an option.