Educational Loan Consolidation EdFed

Educational loan consolidation is something that is important but not always used enough, not taken advantage of enough. I only had one education loan, and I did not have to take advantage of educational loan consolidation, fortunately, because I managed to have it payed off before I was out of school. And since it was a federal Stafford loan it wasn't accruing interest yet by the time I payed it off. I am incredibly grateful that I got it payed off and that I did not get to the point of needing educational loan consolidation.

However, do not let this statement fool you; you might be wise to consider educational loan consolidation early on if you have much or multiple debts. When I say I was glad I didn't get to that point, I meant simply that I had one small loan and payed it off within a year. I didn't graduate with debt (which is partially because I didn't graduate) and so I didn't have any accrued interest on that debt. But people who take early steps like educational loan consolidation to avoid excessive accrued interest or getting far behind on their payments are incredibly wise people (and often very humble ones too).

It can be intimidating and embarrassing just to try to ask around and find out just how to take advantage of educational loan consolidation. It can take a lot of swallowing of one's pride, especially if one was raised to believe that adulthood (or, in most cases, manhood) was about one's ability to take care of oneself and one's family, specifically financially. But the lesson that we all need to learn, and as soon as possible, is that pride can cause one to fall farther and harder in the long run, than a good sized dose of humility right away.

We are fortunate now that there are more options to help us out of debt, like educational loan consolidation. Especially since we now live in a time and place in which assistance is not, cannot be, denied to us on the basis of ethnicity, gender, religion, family, background, class, etc. So do not be afraid to take advantage of this positive change in society.

Also, do not forget to take other steps to help alleviate financial problems, as well as educational loan consolidation. Budget your money, cut back on unnecessary spending where you can, save what you can, and pay back what you can when you can. Hopefully you'll be out of the hole and back into the light before you know it! Whatever happens, don't give up.