Consolidating my student loans

While these companies aren't necessarily student loan scams, they are taking advantage of you because they are making you pay for something you don't need.

Here are some of the companies we've been hearing a lot about lately: Don't think this is a definitive list. Check out our full guide on debt relief companies and scams to learn more and why you have to be careful in general.

Generally speaking there are two types of student loans: federal student loans and private student loans.To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.By doing so, you “consolidate” your student debt into a single loan.When it comes to federal student loans, bad credit isn't an issue.Federal student loans are available to just about everyone, regardless of your credit, your course of study, or even your potential ability to pay them back. Private student loans typically do require a credit check, and those with bad or no credit, will likely have to get someone to cosign the loan.

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