Students loan is a lifetime obligation until paid, and, the same as any other debt, non-payment is reported to the credit reporting agencies. A student loan will not be discharged, even within bankruptcy, except in a case of extreme hardship, but extreme hardship is recognized as as having no money except for the bare necessities to reside. So, before your finances get out of control, consider education loan consolidation now and lower your monthly payments with a guaranteed a low interest rate rate.
As a general rule, private student loans can't be included in with a government Student Loan consolidation. In some instances, however, the loan institution may allow you to incorporate a private student loan, but it is not advisable to incorporate a private student loan in with your government education loan consolidation. When a private loan is included with the federally funded loan, it then becomes subject to exactly the same rules and restrictions as the federally funded loan.
If you're not considering Student Loan consolidation but are having monetary difficulties, in certain situations, a student loan may be susceptible to forbearance, where you pay only the interest on the loan for some time, generally no longer than thirty-six months. This may provide you with enough time to get your financial situation resolved. Nevertheless, if you are considering consolidation of your student financial loans, gather the information you need and act quickly prior to the end of your grace period. After the grace time period expires, it's almost impossible to consolidate your loans.
If you think Student Loan consolidation is right for you, act now and decrease your payments while locking in lower interest rates.