Phoenix, AZ -- (SBWIRE) -- 07/22/2013 -- Graduating from college is a wonderful accomplishment. Just be ready, in six months, to begin repaying the student loan debt. If the payments are too difficult to handle, look into Student Loan Debt Consolidation. Credit-yogi.com is here to offer its knowledge of this topic, such as:

- Federal Loan Merging
- Private Loan Combining
- How to Apply
- Payment Plans

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Merging Federal Student Loans

All manner of federal student loans can be consolidated, and some of them can qualify for Student Debt Consolidation Loans. When a loan is forgiven, it is basically written off and removed from one’s credit profile. When loans are consolidated, they’re blended together and melted down to one payment per month. Go onto the federal financial aid’s website for details.

Private Loan Consolidation

Private student loans and federal ones cannot be combined together. It often doesn’t make sense to consolidate private loans, as they have adjustable rates that fluctuate frequently. Student Loan Debt Consolidation does, sometimes, result in a lower, fixed rate loan, making it worthwhile to do. The biggest benefit of consolidating private loans is getting a single monthly payment that is affordable. To a recent graduate who’s searching for a good job and probably still living at home, that means a lot!

Debt Consolidations

Student Debt Consolidation Loans is backed by the Federal government and they cover loans issued by the Federal government such as Stafford and Perkins loans. As a participant in these programs, portions of the debt are randomly erased from one’s lender’s files. The amount of money forgiven can be taxed as income in the year it was received, so be prepared for that possibility. Hundreds of loan Consolidations programs exist; check them out on the federal financial aid website.

Repayment Plans

When it comes time to repay a Student Loan Debt Consolidation, there are several different ways to go about it. The Income-Based Repayment Plan is just what it says – a plan to repay a loan consolidation with a monthly payment based upon a certain percentage of one’s income. There’s a Standard Repayment plan, also, and this one is spread out over a 10 year time frame with a minimum payment of $50 per month. The Graduated Payment Plan starts out with lower payments which increase as time goes on and is spread out for the same 10 year time period as the Standard plan. The Extended Repayment Plan has either graduated or fixed payments spread over a 25 year time frame.

About Credit-Yogi
Credit-yogi.com is a full service consumer resource website whose mission is to provide reasonable, up to date answers to the fiscal inquires made by its consumers. The site is operational all day and all night, all year long, and there is always someone there to speak with. For a free initial conference, dial 866-964-9644.