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Posted by / 11-Dec-2019 03:04

Defaulting on students loans is never an option, and all students should pursue any alternative that will help them avoid default.Before considering a consolidated loan, it is important to evaluate your outstanding student debt.Before applying for a consolidated loan, students should gather all pertinent information regarding their outstanding loans and current financial status, including account numbers, monthly income, monthly payment schedules, remaining loan balances, and the names or their primary lenders.The approval period varies according to lending institution, and may take up to two months.FAME is committed to helping you to be informed and make the best choice to manage your debt responsibly.Refinancing is the process of replacing an existing student loan(s) with a new loan that has new terms (e.g. Consolidation is a form of refinancing to reduce multiple loans into a new single loan with new terms.Consolidating your student loans begins with contacting a private lender.Banks and private lending institutions that offer student loan packages often also offer loan consolidation programs.

When applying for a consolidated loan, the bank will consider the applicant’s monthly income as well as their credit history.But all too often those loans become a financial burden to graduating college students, and can leave them in very real economic distress.Following graduation, students often find themselves with better job prospects, but with no immediate increase in income.The fixed rate is based on the weighted average interest rate of the loans being consolidated.You should compare the terms and conditions of the FDCLP to any private consolidation loan you may be considering.

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