Consolidating student loans and credit card debt

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Before you receive loan approval, make sure to meet all assigned payments on your debts; otherwise, you can create missed payments in your credit history Direct disbursement simply refers to when the lender requires that they send the money directly to your other lenders.

This requirement depends on your debt-to-income ratio.

Specifically, Federal Direct consolidation loans are unique.

But this is what you can generally expect: Credit card debt consolidation loans are the most common.

A debt consolidation loan is a personal loan that’s specifically used to combine multiple debts into a single monthly payment.

You take out a loan and use the funds you receive to pay off multiple debts of the same type.

So, it no longer qualifies for federal relief options.

If you want to use a Federal Direct consolidation you can apply for it through

Consolidation loans don’t always work the exact same way.This offers several advantages: In general, you must keep each type of debt separate.So, if you have credit cards and student loans to repay, you may need two consolidation loans.For Federal Direct consolidation loans, credit score is not a factor for qualification.So, even if you have a 500 FICO score you can consolidate student loan debt, as long as it originated from a federal program.

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