Frequently Asked Questions About Fixing Student Loan Debt

Does FixMyStudentLoans.com offer debt consolidation?

No. This site is not a lender and is not maintained by a lender. What FixMySTudentLoans.com offers is access to a network of approved local and national lenders who do offer student loan consolidation products to those that may be interested at no cost and no obligation.

Do I need to have good credit to apply for consolidation?

That depends on the type of student loan consolidation you are applying for. If you are seeking to consolidate your student loans from the Federal government, then as when you applied for those loans, applying for the consolidation will not be based on your credit score. On the other hand, if you have private student loans, you will most definitely be subject to a credit check in order to be eligible for student loan consolidation through a private company.

How much does student loan consolidation cost?

Student loan consolidation through the federal government carries no application fee and no fee to consolidate the loan. There may be a small fee associated with either applying for or receiving a student loan through a private lender after you have located and negotiated with one through this site.

Can I consolidate my loans while still in school?

No. If you are actively pursuing a degree that you have received loans for you may not begin the consolidation process until after you have graduated. What this means, however, is that if you are seeking a Master's degree or a Doctoral degree and you have student loans that you are paying for from your earlier degree you may seek to have those consolidated.

Will student loan consolidation make my credit score worse?

No. Student loan consolidation amounts to a "wash" on your credit score. The total amount of your current student loan debt is eliminated or paid off by the consolidation company and in its place you receive a new loan for the same amount.

Is it possible to consolidate private and Federal loans together?

No. Your private student loans and your Federal student loans can be consolidated separately, however, resulting in two consolidation loans for you to manage which may or may not be a benefit depending on your financial situation.

What if I file for bankruptcy?

A Federal consolidation of student loans acts in the same way as Federal student loans when it comes to bankruptcy...they are immune and will still be waiting for you on the other side when all of your other debts are discharged. A private student loan consolidation on the other hand may be subject to bankruptcy depending on the terms of the loan and the lender. You should speak with your attorney for more information.

What if I can't get a job and pay my student loan

There are options to help students with student loans and consolidation loans if they are finding themselves unemployed or having other difficulties. You may qualify for loan deferment until you are in a more stable position or perhaps you can even have your loan completely forgiven in extreme circumstances (such as permanent disability).