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The government also recommends non-profit debt counseling companies.
They issue mortgage-backed securities with an implicit guarantee that the government will not allow them to fail.The federal government does not approve private debt consolidation loan programs or companies.However, it does back and fund debt consolidation loan programs to lower monthly payments for college graduates and homeowners.Graduates can combine multiple loans and extend the term to achieve a lower monthly payment. Trade school and college graduates with bad credit can consolidate their federal student loans. You must make three consecutive monthly payments on a defaulted loan, or enroll the new consolidation loan into a repayment plan.People with low credit scores rarely qualify to consolidate private student loans.
Search for government assistance with consolidating loans:
Once you sign in to Student using your personal identifiers and Federal Student Aid PIN, you will be able to electronically complete the Federal Direct Consolidation Loan Application and Promissory Note.