Student debt has reached an all-time high in the U. of late, with an estimated 40 million people now owing an average balance of ,000, according to credit report company Experian.With student loans soaring, debt-saddled students and graduates are desperate for any strategy that may help them escape their burden.To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners.
Student loan consolidation is the process of combining your Federal student loans into one single loan.
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).
For example, when you consolidate certain types of loans, you might accidentally disqualify yourself for certain types of student loan repayment programs.
Or, if you're not careful, you could end up paying more on your new consolidation loan than you would have with each individual loan.