Is There A Debt Consolidation Program For Student Loans?
Problem: "I have 3 student loans in San Antonio
, which, I am finding difficult to pay back because of the high interest rates the lenders are charging. I was working part time but got laid off from work recently. I am finding it difficult to pay the monthly installments and am afraid I will default on my loans. Can I opt for debt consolidation in San Antonio for student loans? I have no idea how to get it done. Can I go for a debt consolidation program even when I have not graduated from school?
-Jennifer Alter"
Solution: There are generally no debt consolidation programs available for student loans. To be able to pay off your loans, you may look out for debt consolidation loans depending on the type of student loans that you have.
It is important that you seek a new job if you have to pay off your loans. Based on whether your student loans are federal or private, you can seek a single debt consolidation loan.
For federal student loans
For federal loans, you may be able to get a single San Antonio debt consolidation loan taken from the Federal Direct Consolidation Loan. There are flexible payment options and maybe as many as 4 different plans to choose from.
How to apply
To get consolidation loans against federal student loans, you may simply put in a web application or may also call the Federal Direct Consolidation Loans to apply over the telephone. You can download a copy of the application and promissory note along with the contents of the application package and send it to them. It isnt difficult at all. You may even request them for an application package to be mailed to your address.
For private student loans
If your student loans are from a private lender, then you may seek a single consolidation loan from another private lender. Look for a lender who charges lower interest rates so that you can afford to pay off the monthly installments designed by your lenders.
How to apply
You may simply ask the private lender about the process to follow in order to apply for a consolidation loan. Generally, there will be a form to fill out and certain documents to submit. Ask your lender about all the documents that you need to submit. Write it down somewhere if needed.
You can pay off a student loan even before you graduate. Look for a part time job that can help you pay off the San Antonio debt consolidation loan. Make sure you do not opt for a loan with high interest rates, the reason why you are finding it difficult to pay off your current loan.