Student Loan
Consolidation
There are people who remember the student loan days where you
would stand on line for hours only to get to the front of the
line and be told that your aid had not come through yet. It
could be an almost daily occurrence while you waited for your
loans to come through so that you could pay for your classes and
your living expenses at college. It would be December sometimes
before you would see your loans, and you were finishing out your
first semester. And then President Bill Clinton came to town and
radically redid the student loan system. The halls at Rutgers
were clear as it was one of the first schools to get the new
program, and next thing you knew it was two weeks into the
semester and we already had all of our loans.
Then when we graduated, we had more choices of how we wanted to
handle our debt. Did we want to get a debt consolidation for our
loans? Did we want to enter into a repayment plan based on our
income? How about one based on the amount you owed? You had a
ton of choices that were designed to work with you. The programs
really were set up so that you had options and that you would
absolutely be able to find one that worked for you.
However, those that went the private student loan route found it
much harder when ready to do a debt consolidation. Many of these
borrowers would not allow the consolidation, or they made it
impossible to pay it back. When you are looking at student
loans, be sure to go through government funding and not through
a private lender as it will greatly restrict what you can do
later on.
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