| Here's an all too common story: a young | | | | payment terms longer than what is on your |
| person, full of hope and enthusiasm, enters | | | | existing school loan, so that even though it |
| school with the hopes of getting a high | | | | will take longer to repay the loan, your |
| paying job when they graduate. They have no | | | | monthly payments are reduced, so you can |
| money, so they get a school loan to pay for | | | | actually afford to repay the loan.If you |
| their education.Then, something goes wrong. | | | | can't qualify on your own, another option is |
| Perhaps it's family commitments, or academic | | | | to ask a friend or family member to act as a |
| or medical problems, but for some reason they | | | | cosigner; their good credit, along with your |
| are unable to complete school. Or, they | | | | ability to make the payments, may be enough |
| graduate from school but are unable to find a | | | | to get you a school loan consolidation |
| high paying job.Either way, they are left | | | | loan.Another way to qualify for a debt |
| with a school loan that they can't afford to | | | | consolidation loan is with outside security, |
| repay. What's the solution?One solution may | | | | such as a car or house. If you don't own a |
| be a school loan consolidation, a form of | | | | car, a friend or family member may be willing |
| debt consolidation loan specific to a school | | | | to help you out by allowing you to pledge |
| loan, also called a student loan. Here's how | | | | their security as collateral.A school loan |
| it works:You can't afford to make the | | | | does not need to be a death sentence. |
| payments on your school loan, so you go to a | | | | Explore your options, including a school loan |
| bank or other lender and apply for a school | | | | consolidation loan, and work hard to get back |
| loan consolidation loan. If you have a job, | | | | on track financially.Bernard Johnson has many |
| you may earn enough to qualify for a debt | | | | years experience advising people on debt |
| consolidation loan.If you do, you negotiate | | | | consolidation loans. |