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See your school’s financial aid office for further information.You are generally required to repay your student loan.
I need to consolidate them but have not found a bank willing to do so. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.
If you default on your student loan, that status will be reported to credit bureaus, and your credit rating and future borrowing ability will be damaged.
In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.
I contacted student loan guru Mark Kantrowitz at Fin Aid.org, who says just three lenders still offer consolidation: Chase, Student Loan Network, and Wells Fargo. You should also know that there are no fixed rates on consolidated private loans; your interest rate will probably be tied to a benchmark like the prime rate, so when that rises, so will the rate on your loan.
Finally, if you have a solid job and a solid credit score, think about looking into a personal loan at a bank or credit union.Also ask your loan servicer about your options for a deferment or forbearance or loan consolidation.