Is Private Student Loan Debt Consolidation Bad News For Borrowers?
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Student Loan Debt And High Finance
If you have got private student loan debt consolidation
on your mind, you need to know the truth!
Usually when a high school student pursues a college education, they aren’t educated in the ways of the world of
In most case, neither are their parents.
Consequently, many develop a trust of student loan lenders.
That trust usually remains until the payments are due and the WHAM, the truth sets in.
Please note, by no means am I attempting to alarm you.
My only objective is to get you to see the light concerning private student loans and particularly private
student loan debt consolidation.
We get a number of questions from graduates and students concerning this matter.
They want to know the ins and outs of consolidating their student loans on a private level.
First and foremost, if you have been paying attention, our country is still in an economic recession.
Although we are fighting our way out, credit difficulties still are stifling high finance. The net result is
that a high percentage of financial institutions are not offering private student loan debt consolidation because
of the money woes they themselves are facing.
At the moment, there are about three lenders that offer private student loan debt consolidation. Wells Fargo,
the Credit Union Student Loan Private Lender and the Student Loan Network Private Loan Consolidation Program. Chase
Bank has temporarily suspended their private student loan debt consolidation program until further notice.
Maybe they are waiting on the market to rebound, who knows? Also duly note: the number of lenders can change at
any time; it could be more and then again, someone else could temporarily drop out of the market.
All this means one thing; when it comes to consolidating your private student loans, you have limited options.
Of course some people opt to use their home equity to consolidate, but again, based on today’s economics, that
option might not be so appealing.
I shard that to say this, when you were in college, acquiring student loans was almost like playing with
Monopoly Money. You logged on to the appropriate website, clicked a few buttons and provided limited personal
information and the next thing you knew the check was in the mail.
Acquiring those loans gave many students a false sense of power that they instantly loose once the repayment
period starts. At that point, they realize the days of easy student loans are over. The truth is, attempting to
consolidate your private student loans in today’s marketplace can be an
As it stands, as we have previously shared, there are currently essentially three lenders who provide these
types of loans and their standards can be somewhat nerve wrecking to the average borrower. If your goal is private
student loan debt consolidation, take a look at the three and carefully evaluate their terms, fees and guidelines
and for goodness sake, read all of the fine print.
Never but never, sign your name to a private student loan debt consolidation until you understand all of the
facts. Remember, in most cases, you are agreeing to commit to a new term of twenty to thirty years. That’s a lot of
years to pay for a four-year education, wouldn’t you agree? Consequently, you must assess all of your options and
make jurisprudent decision.
Brad Matheson is a professional Financial Consultant who specializes in helping businesses and individuals
resolve their debt issues. He believes that all debt problems can be solved with the right debt advice and aspires
to help Americans learn all of their debt options and exercise all of their rights. Says, Matheson, “Don't allow
the Student Loan Debt crisis or a Defaulted Student Loan to hinder or block
your career aspirations or stymie your financial dreams, There is Student Loan