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 Posted: Mon May 12, 2008 2:54 am Subject: Consolidation of Credit Card debt and Private Student Loan |
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Hi everybody,
I’m new to this forum and found it interesting and helpful. I browsed it thoroughly and found many answers to many of my unanswered questions on debt. But I couldn’t find the answer of my specific query:-
Can I consolidate both credit card debt and Private Student Loan under one program?
(Right now I am pursuing my studies and have taken both federal as well as private student loan. In addition to this, I have also accumulated debt on two credit cards. At this juncture I am feeling the heat and finding it difficult to concentrate on my studies.)
Looking forward to your help
Thanx&Regards,
Cohen
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Cohen
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Debtcc Points: 100
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| Posted: Mon May 12, 2008 3:48 am Subject: |
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| Quote: | | Can I consolidate both credit card debt and Private Student Loan under one program? |
Hi Cohen,
Welcome to the forums. Boy, what I understand that its possible to consilidate your unsecured loans under one program. However, federal student loans are treated very differently than the private student loans.
One need to consolidate the federal students loans under the Federal Direct Student Loan Program (FDLP). The private part of the student loan can be consolidated with the other unsecured loans by the consolidation company.
Hope the inputs help. Just hang tight others will shortly be around with more helps.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3269
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