Student loans are a common debt for people who just finished college or university. It can put a lot of stress on people's finances, especially if they have other debts to pay as well (which is often the case shortly after graduating). If you have a lot of debts and they are putting a strain on your finances, debt consolidation may be the answer you need.
Whether or not you can get help with debt consolidation depends on a number of things. The first is what kind of student loan you have.
There are two main types of student loans: loans from the government and loans from private lenders. The Federal Student Aid programme of the Department of Education gives out loans from the government. Most of the time, it's easier to get help with these types of student loans than with the other ones.
People usually take out private loans when they can't get help from the government. Because of this, private loans tend to have higher interest rates and less favourable terms. It can be harder to get these loans to help you pay off debt, and you may have to pay a higher interest rate to do so.
Debt consolidation is the process of getting a new loan for the total amount of all your outstanding debts. This money is then used to pay off your other debts, leaving you with a single, usually lower-interest payment.
There are a few ways to find a qualified and trustworthy debt consolidation specialist. One of the best things you can do is call your school and ask if they know anyone. They will have had a lot of students go through the process, so they will be able to suggest someone who worked well for other students.
You could also try calling your local government office. They will also have helped a lot of people who were looking for this kind of service, so they should know about some good ones.
There is also a lot of information on the internet, and many companies that help with debt consolidation have websites that explain what they do. If you look them up on the Internet, make sure to do your research. It's much harder to separate the good from the not-so-good online - anyone can put up a nice looking website.
