Consoladating credit

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.Which Federal Loans Are Eligible For Consolidation? Your loan status must be in one of the following four categories: What Are My Direct Consolidation Loan Repayment Options?

By combining all your student loans into one, which is what happens in the consolidation process, you can make one monthly payment.Because there is no general industry consensus as to what the best options are, we have narrowed down your options.Many of these options work hand in hand or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt that you owe them.The government is an ideal lender because its goal is to make it possible for you to repay rather than to turn a profit, which is not true of private lenders.While some may believe that deb consolidation is something to avoid, it is actually very good news for your credit score.

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