STUDENT DEBT

As mentioned in our Loan Consolidation FAQs, there are two types of debt, secured and unsecured. Unsecured debt relies upon a promise to repay and  when faulted it is open to a negotiated settlement. Secured debt is "secured", or guaranteed by collateral. If the loan is faulted, the creditor will foreclose or reposes, so there is no requirement to negotiate. A student loan is a kind of "quasi" secured loan. It really is a guaranteed loan, but the Guarantor is usually the State or the Federal Government. Because the lender can get guaranteed repayment, student loans can not be negotiated for a reduced repayment amount. But you can consolidate all of your student loans with a low refinance interest rate that will save you hundreds or thousands of dollars before you even start repaying your loan. When you leave college, chances are that you have a variety of loans on the books with an array of different interest rates attached to each one. Refinancing these loans can help you to lower these interest rates, or, at least, bring some of them down, thus lowering your monthly payments and saving you money in the end. Even if all of your interest rates cannot be refinanced, chances are that you can save money in some places through refinancing. But when it comes to refinancing, be careful. Not every web site offering financial help will actually help you and non-credible sites may actually just be out to steal a buck from you. Deal with college student loan web sites that deliver real refinancing results and are properly licensed. NextStudent.com is one of the best.

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