College Loan Consolidation - The Bills.com Blog

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College Loan Consolidation

Question: I am currently in the U.S. air force, and I have about 10 thousand dollars worth of debt from college loans. It is very hard for me to make my payments and still survive, i wanted to know if there is any way to get some sort of grant, or to possibly eliminate these debts?

Answer: The help available to you will depend on your military status and the typeof student loans you have outstanding. If your loans are federally insured loans, such as Stafford Loans, you may not be required to make payments while you are deployed. In addition, many student loan programs allow for deferred interest and lowered payments while you are in active duty military service.

I can tell you that almost all federal student loans and college loans are potentially available for a one time consolidation - which could lower your rate and possibly cut your monthly payment in half. If you want to compare rates and terms to consolidate your student loans, you can get matched with several pre-approved lenders, by applying here:
https://www.bills.com/studentloan/loan/

A few programs even allow for loan forgiveness through military service. To find out the specific assistance programs available to you under your loan programs, you should contact your lender directly to discuss what assistance they can offer you in repaying your loans. In addition, you can contact the U.S. Department of Education’s financial assistance hot line at
1-800-4 FED-AID.

Hopefully, you will find that your lenders offer deferment programs that will assist you. If you are deployed, you definitely need to contact you lenders to notify them of your deployment, as they will likely defer your payments and lower your interest rates until you return from your tour of duty.

One more potential resource that

may be able to assist you is the Air Force Aid Society (http://www.afas.org/index.cfm )

While I am not sure of the specific circumstances under which the AFAS will grant assistance to Air Force members, you should contact them to discuss your situation and find out what, if any, assistance they can offer you. Even if the AFAS cannot help you directly, they may be able to direct you to other sources of assistance to help you resolve your financial difficulties.

I wish you the best of luck, and hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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