​

If you have amassed a considerable amount of student loan debt you are certainly not alone. Because of the rise in recent years of private and public college tuition, there are literally millions of Americans struggling to take control of their student loan debt. The average American student leaves school owing $10,000 or more in student loan debt. The best way to get control of your student loan debt is through taking advantage of a consolidating student loans program.

 

There are several important rules that must be remembered when you are thinking about a student loan consolidation. First of all, you can not begin the consolidation process until you have left school. If you are still in school you may be thinking about getting a jump on your student loan debt, but you can't start paying on it or consolidate it until you have been out of school and the grace period is over. This is true for all of your loans, so the loans that you took out as an undergraduate will certainly become eligible o year or two before the loans you took out in grad school. Once the grace period is over, however, it is highly recommended that you do find a student loan consolidation company.

 

It is also important to realize that you can only consolidate student loans that are in your own name. Your parents or a spouse may have taken out loans for your education, and even if you are planning on repaying them you will be unable to consolidate them. The only loans that you can consolidate are those that you took out personally, in your own name. For more facts and information regarding student loans you can go to http://www.ehow.com/how_7469976_loans-forgiven.html.

 

Otherwise, the rules on student loan consolidation are pretty flexible. You can consolidate any federal or private student loans with a student loan consolidation company, reducing your monthly payments and simplifying your financial picture. You can also consolidate any student loan with any other lender that offers college loan forgiveness programs. Some student loan consolidation programs, however, do have a minimum amount to be consolidated that is usually $7,500. Given that the average student amasses $10,000 in student loan debt, this minimum should not be a problem for most borrowers.

 

Student loan consolidation offers you a number of advantages for borrowers who have a significant number of student loans. With more generous repayment terms over a 10-year repayment term, student loan consolidation will give you a manageable payment schedule that will allow you to get your finances under control. Taking out a student loan consolidation will also help you improve your credit score, improving your overall financial picture for many years to come. To find out more about student loan consolidation all you have to do is search the Internet for a student loan consolidation company.