Student loans can get overwhelming to handle on your own, and many couples who get married think it is a good idea to consolidate their student loans to make paying off the loans less of a burden. It's not.
In the few past blogs in this series we have discussed how to cure defaulted student loans through consolidation of loans or rehabilitating loans. Also we have touched upon the importance of knowing which option is best for each person who is facing default. There are many advantages and disadvantages to both consolidation and rehabilitation that collectors fail to mention, due to monetary incentives for themselves. It is important to know what the pros and cons of each are before deciding on a cure that suits a borrowers situation.
In our last blog in the series we discussed the consequences of being in default from not paying student loans off in a timely manner. There are ways to cure default, one being consolidation of student loans. One can consolidate defaulted student loans into a direct consolidation loan with a repayment plan that is tied to income each month.