Reconsolidating a student loan


Student loan consolidation is a great way to improve your credit score and lower your monthly payments.

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This is a mistake that could cost you a fortune in the long run., and once a private loan is put with a federal loan, all of the federal loans loose their benefits. Consolidating your private student loans is no easy task with a bad credit score. The one conceivable exception would be if you were to get someone to cosign on your consolidated student loans.As these consolidated loans can often be larger than $100,000 finding someone with good enough credit willing to sign may not be possible.When dealing with private loans, instead of consolidation, may be your best bet.

Another option would be just to get an unsecured loan and use it to pay down the balance on your student loans.

One advantage of this approach is that if you pay off student loans with this loan, you now have bankruptcy protection on the debt.