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If you just graduated from college and you have loads of student loan debt but you’re unemployed, you should consolidate the student loans. Student loan consolidation is when you take the different student loans you have and bundle them into one monthly payment that could include a low interest rate. The following federal student loans are qualified for consolidation; Federal and Federal Direct Stafford Loans, PLUS loans, Perkins loans, Loans for Disadvantaged Students, and Federal Insured student loans. You should also keep in mind that getting student loan consolidation doesn’t mean you’ll automatically have a low interest rate with this loan because the overall interest rate on the consolidation loan depends on the interest rates of the loans you’re consolidating. If you don’t have a regular full-time or part-time job when you’re applying for a consolidation loan with the best loan interest rates, your chances of denial are high because creditors want to see that you have a steady employment record. However, if you’re unemployed but your spouse is currently working, you can include the spouse’s income on the application since this could work in your favor. If you do freelance work as an independent contractor, you may qualify for student loan consolidation because even if the income isn’t on a weekly basis, the lender will know that you intend to use some of your earnings to pay on the consolidation loan. If you lost your job recently and currently receiving unemployment benefits, you can get a consolidation loan since the lenders will see this as income. If you receive alimony, child support or disability benefits, this will work in your favor if you’re trying to consolidate a student loan while unemployed. If you’re not in any of these situations while unemployed, your best bet would be to have the loans deferred until you find another job which will allow you to get student loan consolidation. A student loan deferment is when the lender allows you to stop paying on the loan for a period of time due to financial hardship. In conclusion, it’s nearly impossible to consolidate your student loans when you’re unemployed unless you have alternative sources of income. Use this time to be more proactive in your job search and talk to your former professors, classmates and good friends about current job openings and how you can apply for those jobs. Are you looking for more information on student loan consolidation? Visit http://studentloanconsolidations.org/ today!
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