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You took out private student loans to help you pay for an education that would help you land a successful career. After graduation, you might have found that the job market wasn’t what you expected, or that your promotion wouldn’t come for another year. Suddenly, you find yourself with no way of paying off your private student loans.
If this sounds like you, you’re not alone. Millions of Americans need debt help to manage and refinance their debt, including their student loans. Read more to learn about private student loan debt solution options.
Student loan debt is higher than ever before, and is second only behind mortgages (meaning student loans cost more than credit card debt or auto loan debt).
Borrowers face over $1.5 trillion in student loan debt, and affects graduates of every demographic and financial background. There are generally two reasons it’s so difficult to pay off student loans:
Student loan debt –especially private student loan debt– can quickly skyrocket. Most students don’t start paying their student loans until after college, with many not realizing that interest often begins to accrue as soon as the money was sent to their school. That could leave them with four years’ worth of interest costs added to their loan right at the start of their repayment period.
Private student loan debt consolidation from a trusted debt consolidation company can increase your chances of successfully lowering your debt. Depending on the amount of debt you have, you may want to consider:
A Consolidation Specialist working on your behalf could be the difference between paying off your student loans more quickly and being hit with more interest. Consolidating multiple private student loan payments into one monthly payment can also help you manage your debt. That consolidated payment eliminates the need to log in to different loan websites to make a payment.
Consolidating your private student loans isn’t for everyone...here are some questions to ask yourself to determine if you should consider student loan debt consolidation:
Aside from student loan debt consolidation, here are a few other options that can potentially lower your loan payments:
Accredited Debt Relief can help you take the first step toward financial freedom. Get a free consultation today!