Consolidating private student loans with bad credit

Private student loans may be eligible for forbearance programs - which means you may be able to suspend payments due to economic hardship, but during those periods your loan will continue to accrue interest.Extended periods of forbearance can cause loan balances to jump considerably and it's important to remember that not all private lenders offer forbearance programs.

Private student loans, on the other hand, are administered by banks and other financial institutions, and the interest rates for these loans tend to be higher and they can be raised over time.If you do opt for a private loan, be sure to do your homework and scrutinize the terms of the loan and the interest rate.Student loan consolidation is a great way to improve your credit score and lower your monthly payments.Another option would be just to get an unsecured loan and use it to pay down the balance on your student loans.

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