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Student Debt Consolidation

Learn about student debt consolidation at ACCC.

When you’re having trouble repaying student loans, you may want to consider student debt consolidation.

Combining multiple loans into a single new loan, student debt consolidation can help to make it easier to repay student loan debt. By increasing the amount of time over which the loan must be paid back, student debt consolidation can help to lower your monthly payments. Converting multiple loans with variable interest rates to a single loan with a fixed rate can also provide more stability and possibly reduce the amount of payments each month.

Student debt consolidation is not without its drawbacks, though. If the original loans have any benefits such as interest rate discounts, rebates or forgiveness possibilities, these may be lost in the consolidation process.

To understand the pros and cons of student debt consolidation and for advice in evaluating student loan consolidation companies and programs, contact the financial professionals at American Consumer Credit Counseling (ACCC).

Get help with student debt consolidation.

ACCC is a nonprofit organization dedicated to helping people just like you find their way out of debt and make a plan to live debt-free in the future. We provide free credit counseling, a wealth of educational materials and tools, and a low-cost debt management plan that can help you manage your debt more effectively.

When you contact ACCC for a credit counseling session to discuss student debt consolidation, our certified credit counselors will outline all the steps involved in consolidating debt. We’ll help you understand the many alternatives available for managing student loans, including restructured payment plans, deferment and forbearance, and student loan forgiveness. Our counselors will also help you understand how to avoid student loan default.

Your ACCC credit counselor will also work with you to get a clear picture of your financials, including your income, expenses and assets, and present you with personalized options for ways to repay your student loans and eliminate other debts.

Alternatives to student debt consolidation

If you determine that student debt consolidation is not the right fit for you, you may want to consider these other options:

  • Student debt forgiveness programs, where the balance of your loans may be forgiven when you enter the field such as teaching, the military, healthcare or community service, or if you have worked for a government organization for a period of time.
  • Deferment and forbearance programs, which enable you to suspend payment on your loans for a certain period of time until you get back on your feet financially.

Learn more about student debt consolidation at ACCC.

American Consumer Credit Counseling (ACCC) is a nonprofit organization providing free credit counseling and financial advice and information on a variety of strategies for managing debt, including ways to consolidate loans and credit cards. Our counselors can also direct clients to resources for student loan assistance and help to explore the many options to repay student loan debt, including student loan debt consolidation, student debt forgiveness programs, deferment and forbearance options, and student loan programs that can lower a monthly student loan payment. After reviewing a client’s financial situation and goals, ACCC counselors can offer advice on the most effective ways to consolidate student loans, managed defaulted student loans and qualify for a student loan forgiveness program. We also offer low-cost debt management programs and free educational materials, including a debt consolidation calculator.

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