How to Consolidate Student Loan Debt - The Bills.com Blog

Bills.com Blog > Loans Questions > Student Loan Debt Consolidation

How to Consolidate Student Loan Debt

Monday, Aug 20, 2007

Question: My son has a car and a mountain of student loans. He needs to get his payment down on his car. He owes $18000 and pays $330 a month What can we do to get out of this payment.

Answer: First, your son should consider consolidating his student loans through a consolidation program, which are offered by many student loan companies. Consolidating his student loans could significantly lower the interest and monthly payments on his student loans, which could save him enough money each month to allow him to continue making his regular auto payment. To find out more about student loan consolidation, I encourage you to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans/

In addition, if your son visits https://www.bills.com/studentloan/loan/ and submits his contact information, we can have pre-screened student loan consolidation providers contact your son to discuss the consolidation options available to him.

Your son may be able to save money on his car payments by refinancing his
current auto loan, which could lower the interest on his current loan and extend the loan term to lower his monthly payments. Auto refinance loans are especially helpful for consumers who may not have obtained the best loan terms when they initially financed a vehicle. However, auto loan refinancing can be difficult, depending on his credit rating and on the value of the auto. To learn more about auto loans, you should visit the Bills.com Auto Loans Information page at http://www.bills.com/auto-loans/

Additional information about auto refinance loans can be found at http://www.bills.com/refinance-car-loan-articlebills/ Again, if your
son submits his information in the Bills.com Savings Center, we can have pre-screened auto lenders contact him to discuss the refinance options available to him, and how an auto refinance loan could improve his financial situation.

Generally speaking, the student loan debt consolidation should free up enough cash-flow in the short-term to let him meet his other obligations.

I wish your son the best of luck in resolving his financial difficulties, and hope that the information I have provided helps him Find. Learn. Save.

Best,
Bill
www.bills.com

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

Your comments

Bill has answered thousands of money-related questions from readers on debt consolidation and settlement, home mortgage, credit reports and scores, auto and other loans, insurance, and others.

If you have a money question that has not been answered previously Ask Bill your question and be better informed.

Name (required)
Email (required never displayed)
Comments

Now get a free financial health check-up with Bills IQ!

Information provided by Bills.com is for general informational purposes only and is not be construed as legal, financial, bankruptcy, tax or other professional advice. Should you require more detailed information or specific professional advice tailored to your situation you should consult an attorney, financial planner or tax advisor.

While we believe all information provided by Bills.com to be accurate as of the date of its posting, we cannot ensure its accuracy. Use of this site and any information contained on or provided through this site is provided without any representations, warranties or guarantees. Bills.com is not responsible or liable for any decisions or actions anyone may take based on the information provided. Please see Terms of Use.
Subscribe to Bills.com RSS Feed
Bills.com Site Map > Loans Index Pages > Loans Blog Entries