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Debt Consolidation: Consolidation is the process of combining all your debts into a single, lower payment by taking out a loan to pay off your creditors.

Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.

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Many students will get federal loans for each year in school and will graduate with more than one loan to repay. Department of Education, a Direct Consolidation Loan can help you streamline your federal loan payments.

If you have more than one federal student loan, you may be eligible to consolidate these loans into one Direct Consolidation Loan so that you are only making one payment a month instead of several. You cannot, however, consolidate your private student loans into a Direct Consolidation Loan.

When you start pursuing debt management options, you may get mixed messages from people in the debt relief industry.

Because there is no general industry consensus as to what the best ways to manage debt are, we have narrowed down your options.

When a settlement is reached, the funds you have been setting aside go toward paying your creditors and negotiation fees.

These programs take around two to four years to complete and negatively influence your credit.

This includes federal and private student loans as well as credit card debt and money borrowed from family members.

Federal student loans are generally the most attractive loan options due to their low and fixed interest rates and flexible repayment plans.

If you are in default of a student loan, meaning you have failed to make your payments as determined by your loan terms, you have to meet certain criteria before you are eligible for consolidation. If you first make satisfactory repayment arrangements with your current loan servicer, the company responsible for the administrative tasks and billing of your loan, you may be able to consolidate.

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