Consolidating federal student loans good idea
This helps eliminate mistakes that result in penalties like incorrect amount or late payments.There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.
There is a major caveat to President Obama’s updates, however, in that the extremely popular Pay As You Earn Repayment Plan is still currently only available to those borrowers who first received Federally-funded student loans on or after October 1st, 2007.
That's where debt consolidation and other financial options come in.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.
These are not quick fixes, but rather long-term financial strategies to help you get out of debt.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.