The total amount of student loan debt in the United States is a moving target -- and breaking records every minute.
In fact, a student loan debt clock, developed for MarketWatch, pegs the growth in outstanding balances at $2,726.27 every second, pushing the grand total closer and closer to $1.5 trillion.
The numbers are astounding, but the outcomes for individuals faced with these massive loans are devastating.
As they struggle to pay off their student loan debts and start their own lives, they live paycheck to paycheck, putting off milestones such as getting married, buying a house and starting a family. Some are forced to declare bankruptcy. Others expect to be paying back their student loans long after retirement -- if they can ever afford to step away from working life.
Some borrowers may qualify for their loans to be discharged, forgiven or canceled. But most people grappling with college debt will have to look at other options, and they include student loan debt consolidation.
Student loan debt consolidation allows debtors to pull all of their payments from different servicers into one monthly payment.
Should you consolidate? There are plenty of benefits -- and some drawbacks.
A lower interest rate, smaller payments and more options might all make student loan debt consolidation appear like the best solution for you. But pulling all of your loans into one might not be the best option for every situation. It’s important to look at all the options available to you and decide on the best solution that fits your unique situation. Professional student loan counseling can help you make sense of all the options and educate you on the process. Have questions? Contact CESI for a customized federal student debt analysis.
Consumer Education Services, Inc. empowers people to overcome their financial challenges and lead financially-healthy lives.
CESI is NOT A LOAN COMPANY