Government help consolidating debts error validating the formula


In order to qualify for a consolidation loan, a consumer usually needs to have an acceptable credit rating and sufficient income to demonstrate that they will be able to manage the loan (that is to say, to demonstrate they will be able to make the monthly consolidation payment, in addition to paying for their regular monthly bills and expenses). A blemished credit rating will likely diminish your ability to secure a consolidation loan, therefore it is best to act as soon as possible (please refer to Credit and Credit Repair for more information).

The graduated loan gives the borrower time to find a job, get established and repay the loan at increasing levels, presumably as salary increases.

The loan term depends on how much federal student loan debt the borrower is consolidating.

A debt consolidation loan is a single loan (generally from a financial institution) that allows you to repay your debts to several or all of your creditors at once.

You are then left with only one outstanding loan — to the financial institution.

However, not all debts can be combined into a consolidation loan — a mortgage cannot be included, for example.