Quinton wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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“Dear Steve,
I need to get my student loans out of forberrence?
What is the best way to consolidate?
Quinton”
The Answer:
Dear Quinton
Forbearance and consolidation are two different things. If your student loans are in forbearance they are on hold, not requiring any payments from you right now. But while they are on hold, interest is still building up and increasing the amount you will have to repay.
Consolidation depends on if you have government back or private student loans. For government backed loans, contact the entity servicing your loans right now. For private student loans, see this previous post, “I’m Drowning in Private Student Loans. – Kathy“.
