September 6th 2010 07:34 pm
Is it possible to consolidate student loans that come from different banks? And how would I do that?
I have undergrad student loans from one bank that I consolidated, and then graduate student loans from another bank. I am graduating in August and at that point I would like to have them all consolidated so I am not paying 3 different people each month.
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2 Comments »
Sgt_ducky on 06 Sep 2010 at 7:34 pm #
It is possible but, be careful about it. I could jack up your interest rates. Just talk to your loan officer at either bank and explain your situation and they should be able to help you.
Shyanne on 06 Sep 2010 at 7:34 pm #
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan<!–allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.
http://best-loans.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several–>old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.