Student loan debt plagues many Americans around the country and is not a debt that can be erased with bankruptcy or other financial tactics. Student loans seem to creep up on many people as they are deferred during the time in school and then appear ready for payments to be made upon graduation when you are trying to find a job and gain your standing in the world.

While, school loans tend to be the best loans out there with lower interest rates, reasonable payments and deferment options for those having difficulty paying the payment, they do need to be paid and if they are not can have negative repercussions if left to default. School loan debt can be dealt with through debt consolidation loans and can often find a lower payment or interest rate than you are currently paying.

Debt consolidation companies offer debt consolidation loans which are designed specifically for those who need help in getting their monthly loan payments under control by consolidating them into one loan with only one monthly payment and one interest rate. The debt consolidation company issues you a loan for the amount of all your loans and then pays off your existing loans. This can bring instant relief from harassing phone calls and letters, as well as bring a good standing closure to your existing accounts which can help save your credit rating and score.

When looking for a debt consolidation company it’s important to do your homework and find out as much as the company, the staff and the loans and services offered as possible. They should never ask you for money before the services are complete and many non-profit companies offer debt consolidation services and loans. If you are checking out their web site look for certifications, staff information, services offered, company history, loan information, physical address and contact information and real customer testimonials.

Before meeting with a debt consolidation specialist you will need to gather together your school loan information and have an accurate account of what you owe and to whom. Sit down and make a list of all your school debt with the following information for each account: creditor, current balance, interest rate, contact information and current monthly payment. This will give you an overview on what you owe and what the loans look like. Then take a breath and add up the total of school loan debt you have. This may be hard if you have no idea what you owe, but it’s important to be knowledgeable about your debt before seeking help. The more the debt consolidation company knows about your situation, the better they can fit you with a loan and the right services to help your specific debt situation.

Debt consolidation can be a great way to help you get your school loan debt under control and save your credit at the same time before you default or cause a negative impact on your credit report and score. When considering a debt consolidation plan take time to meet with a credit counselor to plan for the future and learn how to handle your finances and future loans successfully to avoid having to find additional services or financial help. Take the time to learn as much as you can about your credit, financial status and more early in your adulthood to best plan for your financial success.