During economy crisis, the Obama's administration has put in hard effort in assisting the citizens to go through their financial hardships. One of the most popular financial solutions introduced is the debt consolidation loan for students. Seriously speaking, many people have misunderstood this type of loan. They thought that this loan can be applied to pay back all sorts of personal debts, including credit card debts. In fact, this particular loan is only meant to reduce the students' burden in paying back their study loan.
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Let's see how this financial assistance works:
If you have few federal student loans, you can lump all of them into one single loan which is called the Direct Loan Consolidation Program. You can enjoy a much lower interest rate offered by the government. Besides, you can make your repayment plan more flexible. You are allowed to reduce your monthly repayment amount based on your financial ability. This loan can be considered a debt relief program because the fresh graduates are allowed to extend the duration of their repayment if they are currently unemployed.
On the other hand, you must be extra careful if there is any financial consultant or representative from private financial institution who approaches you to promote debt consolidation loan. Do not get trapped by them. Until today, there is no such government loan provided to individuals to assist them to pay off their credit card debts or other personal loans. No special financial aid or grant is offered to the public. Hence, if someone introduces this financial assistance to you, you must remember to SAY NO. They are definitely scams.
To sum up, there is no more government loan offered to public except consolidated student loan. Don't be too happy to accept the loan if it is meant for credit card debt.
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