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Consolidate Private Student Loans

How to consolidate private student loans.

There are several options available to you when you want to consolidate private student loans. Unlike federal student loans, which may be consolidated through federal student loan programs, you typically have to consolidate private student loans by taking out a new loan from a bank or another lending organization. The goal when you consolidate private student loans is to get a lower interest rate that will enable you to pay off your loans faster, or to lower your monthly payment, and also to write a single check each month rather than making multiple student loan repayments.

Determining how best to consolidate private student loans may require the help of a financial professional. When you need answers to questions about student loan debt consolidation, the credit counselors at American Consumer Credit Counseling (ACCC) are here to help.

Consolidate private student loans with help from ACCC.

ACCC is a nonprofit organization with certified credit counselors who are dedicated to helping you get out of debt and learn to live debt-free. We provide free credit counseling, low-cost debt management plans, and a wealth of free educational resources to help you better understand your options and gain control of your finances.

In your initial credit counseling session, our credit counselors will assess your current financial situation, understand your financial goals and analyze your current income, assets, and expenses. Then we’ll present all the options available to you to consolidate private student loans and other ways of reducing debt. We’ll also direct you to any public resources or government programs that may be helpful to you to consolidate student loans and pay off debts.

Rather not consolidate private student loans?

You don’t have to consolidate private student loans in order to pay down your college debt. Rather than taking out a new loan to consolidate student loan debt, you may want to consider these options:

  • A new repayment plan. There are many options for repayment plans that can lower your monthly payments to make things easier on your finances.
  • Deferment or forbearance. Depending on your situation, you may get permission to stop making payments on your student loans for a period of time.
  • Student loan forgiveness. Graduates working in certain professions like the military, teaching, public service or healthcare may be able to have some or all of their student loans forgiven.

Learn more about ways to consolidate private student loans, and about details of the federal student loan forgiveness program and other options for student debt relief.

American Consumer Credit Counseling (ACCC) is a not-for-profit agency that offers credit counseling, housing counseling and other financial services to individuals and consumers nationwide. ACCC also offers a home buyers class and first time home buyer guide that provide help for first time home buyers as well as consumers getting back into the real estate market. ACCC's homebuyer education course provides comprehensive education and home buying tips on everything from choosing a realtor to closing on a new home. Available online and on mobile devices, ACCC's first time home buyer course provides a certification necessary to qualify and close on certain types of mortgage loans. ACCC also offers reverse mortgage info, including details on qualifying for a reverse mortgage and answers to questions like "What is a reverse mortgage?" and "How do reverse mortgages work?"

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