It is not true that living on credit is an easier way to get by. You are rich for a few weeks until your bill comes in the mall. This is pretty much how it feels like when you come face to face with your student loan bill.

So how do you get yourself out of it?
It is not as easy as acing an exam. It does need a lot of planning and organizing.

For most students the option of direct student loan consolidation becomes a silver lining. Most federal loans can be consolidated into one and then can be paid off for a much longer time.

There is even an option to get it completely forgiven if the graduate chooses to work in a government office, department or an NGO.  So you can get more years in your terms of payment than what you had when you took out that loan.

You get less pressure on your shoulders because you can put two federal loans together and only have one monthly payment to make over a course of maybe ten to thirty years. Also, the monthly payment is relatively lower than most.

There are two kind of direct student loan consolidation programs. You can get one that is subsidized or unsubsidized. The latter makes the student liable to pay for the interests that are collected over the course of his college years.

Different kinds of loans can be consolidated into a direct student loan consolidation but a debtor needs to check whether the two loans he needs to pay off can be put together. It doesn’t hurt to ask, it’s free at least most of the time.

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