Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jan 27, 2011

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After graduating college, some consumers find themselves overwhelmed with student loan debt. Whether it is due to lack of employment or underemployment, some graduates need a little bit of help to manage their high monthly bills. As a result, they may begin investigating different repayment options and government-sponsored programs. If those methods fail a student, however, he or she may want to consider a student consolidation loan.

[loansform]Student consolidation loans are great tools for taking multiple student loans and pushing them all together into a single monthly payment. Think of it as a huge funnel: the large end takes in all of the different education loans one has, and the small end yields a single, manageable payment. Often this type of student loan debt management can reduce the interest rate on some or all of a student’s financing bills.

The downside to managing student loan debt through this means is that consolidating often leads to longer loan terms, which ultimately increases the amount of time a graduate will be managing their debt. But that trade off may be in the borrower’s favor, as missing monthly payments or defaulting all together can often lead to extra charges and wage garnishment—not to mention a complete slashing of one’s credit score.

To receive student loan education on this type of payment management, browse recent news, articles, and questions on this subject matter. The form above can help a potential borrower identify what kind of rates and terms lenders will offer them. Keep in mind, the rates in which these loans are offered often rely heavily on the same qualifications of other forms of financing: credit score, debt-to-income ratios, and co-signers. Borrowers would be wise to manage their credit score, pay off existing debts (such as credit cards), and approach a trusted family member to help secure a low-interest student consolidation loan.