According to The Consumer Financial Protection Bureau, there are 8 million student loan borrowers in default.* If you are one of those, you may be asking yourself , How did I get here?
My experience with working with those clients who have student loans has shown me that student loan default could have been avoided had their servicers been forthright with the information they needed to prevent default, and options for student loan default resolution. In the majority of cases that I have seen, the services play hide and seek with vital information, leaving the student loan borrower confused.
Federal Student Loan Debt Consolidation Programs:
Each of these programs offered by the Department of Education is intended to consolidate federal student loans into a single student loan and one payment. These programs are also made to fit the needs of those students who are struggling to pay their federal student loans and give them payment relief. New low monthly payments are calculated considering income and one's family size. The lower your income, the lower the loan payment will be. These programs are often effective because they assess each individual situation and offer a monthly payment agreement that corresponds to the person's current situation. You can’t beat that program and with an additional consideration of the needs of your family and family size, federal student loan debt consolidations are a solid option.