Frequently Asked Questions about College Student Debt
Regardless of your credit score, you will be able to get debt consolidation for your college student debt. The only thing that will change is the amount of interest that you will be paying. The worse your credit score is, the more interest you will usually have to pay. With so many debt consolidation companies out there, you are able to get any type of plan you want, and virtually everyone is eligible for consolidation. This is another reason why you should not just choose the first debt consolidation option you come across, because if you have bad credit, you want to make sure you are getting the best possible plan and not being scammed by a company who is trying to take advantage of your financial situation.
Will my credit score suffer if I get debt consolidation on my college student debt?
Depending on what type of consolidation you use your credit score will vary. However, there are ways to pull up your credit score and keep it high by paying all of your monthly fees on time as well as paying off your loans early. Pulling up your credit score is easier than you think, especially if you are a young college graduate. As you become more and more financially able, you will be better able to afford to pay your bills on time and thus your credit score will improve automatically.
How long can I defer my loan?
The length that you are allowed to defer a loan depends on what type of deferment option you get. For instance, if you get the graduate school deferment plan option, you have until you get out of graduate school to defer your loans. However, if you get the employment deferment plan, you have until you make a decent salary to defer a plan. There are always certain deadlines as well that vary from loan companies. If you look around, you will be able to find a company that offers the best option for you.
Can I consolidate two different types of student loans together?
You can almost always consolidate student loans from different companies together, depending of course on the reliability that you will pay them back. Although the company has the ultimate say in this, most companies are willing to negotiate a plan of consolidation that includes another company’s loan. Companies are pretty easy-going and understanding when it comes to debt consolidation and are more than willing to aid you in the process.