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However, if your choice lies between consolidating existing loans while paying more interest over time and falling behind in your individual loan payments, you should take the consolidation loan.

As you see, deciding whether consolidation is the right course for you depends not only on your current situation but also on the terms of the new loan. Department of Education (USDOE) has established a well-documented system of rules for federal student loan consolidation, and each private lender has its own guidelines for acceptable consolidation plans.

FAME is committed to helping you to be informed and make the best choice to manage your debt responsibly.

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Here are some of the companies we've been hearing a lot about lately: Don't think this is a definitive list. Check out our full guide on debt relief companies and scams to learn more and why you have to be careful in general.

What's great to see, though, is that the Consumer Finance Protection Bureau (CFPB) has been taking action against these types of companies. Right now though, let's break down these student loan debt consolidation companies and talk about why you should be avoiding them.

Federal student loans also provide certain benefits that may be unavailable with private student loans.

The Federal Direct Consolidation Loan Program (FDCLP) offered by the federal government allows borrowers to combine any of their outstanding federal student loans into a single new loan.

First, I want to make clear that these companies aren't fraudulent.

Rather, they are charging you for a service that you really don't need to pay for.For practical purposes the term refinancing is used on this website to refer to both refinancing and consolidation of student loan debt.* You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network if you meet certain requirements such as: IMPORTANT: When considering refinancing or consolidating student loan debt, it is important to understand that you are receiving a new loan with new terms, interest rates and benefits.None of the features of your old loans, whether private or federal, will carry through to your new loan.If you have both federal and private student loans, you will have to consolidate those types of loans separately. To guide you in making a decision about student loan consolidation, you can try a simple online assistant introduced by USDOE in the middle of 2012 to help students understand the basic principles of personal finance and apply that knowledge to their management of their student loans.The assistant is called the Financial Awareness Counseling Tool (FACT), and it consists of a series of tutorials based on information from your own government loans, using that information to create a personalized analysis of your financial situation and offer appropriate advice.This article contains references to products from one or more of our advertisers.

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