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Step 1
Get out all of your education debt statements. Write down the amount owed and the interest rate for each one on a piece of paper. Add the sums together to find out how much actual debt you are in for your education. This will be the amount you’ll need to consolidate college loans into one loan payment.
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Step 2
Make a list of your current assets. In the list include your home (if you own one), your car, and so forth. Write down the equity value of these assets in a list.
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Step 3
Examine your list of assets. For you to consolidate college loans, you’ll need something to provide as collateral or equity in case you default. Many students use their car.
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Step 4
Get your car title, proof of insurance, the last 3 months of bank statements, the last 3 months of employee paycheck stubs, your driver’s license, your social security card and proof of residence together. Place all of these in a folder and label it consolidate college loans for reference.
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Step 5
Look up financial lenders that specialize in the option to consolidate college loans for students in the yellow pages. Call several and make an appointment to visit with them.
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Step 6
Write down the interest rate, amount they’re willing to loan and so forth from each lender. Take the information home. Sleep on it. Make comparisons. Choose one of the lenders to consolidate college loans for you into one monthly payment.
Comments
dcole said
on 10/30/2009 This is an excellent, straightforward approach to consolidating college loan debt. Every student with multiple loans should read it and follow your advice. 5*
mvalora said
on 10/23/2009 Thanks for the advice on how to consolidate college loans.
jenng said
on 10/23/2009 GREAT ARTICLE ON How to Consolidate College Loans for Most Benefits 5*