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However, you also could qualify when you leave school or are enrolled less than half-time.

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A good rule of thumb is: debt consolidation is not a good option if your debt is more than 50 percent of your income.

It is also not a fit if you do not have a consistent source of income that more than covers your monthly payment.

Find out more about the choices debt consolidation offers.

Ideally, you would qualify for debt consolidation after graduation.

Then you can focus on repaying that personal loan, which requires just one monthly payment and, ideally, has a lower interest rate than what you were paying across multiple debts (it may not have a lower rate, but it’s in your best interest to find the lowest one you can).

The specifics of how debt consolidation works will vary by the type of debt you have and the method you choose.

Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.

No matter what strategy suits you best, the idea is the same: Lump together all or most of your debts into a single payment as a way to save money, simplify your finances … For example, if you have multiple high-interest credit card debts and outstanding medical bills, you may want to take out a personal loan to repay those debts.

Using a consolidation loan to pay off debt with collection agencies can get them off your back.

The stakes are even higher when you have unpaid taxes.

Having installment loans in addition to revolving credit like credit cards is great for your credit mix, which makes up 10% of your credit score.