Doing the calculation before calling your servicer will equip you to be an advocate for yourself.
Sometimes servicers aren't helpful, but you can hang up and try again.
If you miss some of your loans, consolidating won't solve your problems.
As you consolidate your loans, be sure to ask for a payment plan that will reduce your payments to fit your income. A person with a part-time job, for example, may end up with tiny payments each month.
While unable at this point to afford his loan payments, he hoped someday to be able to buy a home and wondered if the black mark on his credit record would make that impossible.
The answer: There is still time to fix this, and with the passage of time even a mortgage might be obtainable. Clean up the federal mess You can't hide from the federal government.
Consolidating loans is a simple process you can do online through the official federal student aid site.
Consumers who are dogged by poor credit scores — and have trouble getting credit cards or loans as a result — will get some relief starting next month.
Provided they have a solid job, they should be able to get a mortgage.
Borrowers will no longer be considered in default once the loans have been consolidated, White said.
If you have already consolidated your loans in the past, and defaulted, you are probably going to have to follow another option.
To avoid this, the simplest approach would be to file to consolidate your federal college student loans, said attorney Emily White, of Columbus, Ohio.
Typically, college students take out multiple federal Stafford loans, and consolidating means you bunch them all together into one loan that you repay over 10 or more years.