By Gail MarksJarvis Jul 07, 2017 10.25 AM If you are in default on your student loans — meaning you've failed to pay your loans for 360 days — you do consolidating defaulted private student loans options, and it's worth it to try to remedy the situation. Getty Images If you've defaulted on your student loans and are hiding from calls from debt collectors, your future doesn't have to remain bleak. True, being in default is not a good situation. Taking action to get student loan relief before slipping far behind on student loan payments would have been a much better route.
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When most people think of student loans, they think of loans arranged and distributed through the federal government. These federal student loans come in different types, each with its own specialized terms. The purpose of having federal student loans is create borrowing opportunities for young people, who might not have much credit history, to help them pay their way through school.
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Basically, consolidation of student loans is a process in which a borrower has more than one student loan and therefore decides to acquire another loan to settle all other student loans. This program is aimed at offering some relief when the loan seems too difficult to repay. While studying at a higher educational institution is claimed to be a great personal investment, it is difficult to deny that as a student, you may end up applying for more than one loan to finance your education.
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Switching from a variable-rate to a fixed-rate loan Lowering the monthly payment amount Getting into an alternate repayment plan Graduated repayment monthly payments start low, then increase Income-sensitive repayment monthly payments are a percentage of pretax income Getting borrower benefits Paying more in total interest Having a larger total loan repayment amount Being in debt longer if you extend your loan period Losing borrower benefits from your current lender i. Advantages of Consolidating Note that some consolidation pros apply just to federal loans or just to private loans.
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