Daily Archives: February 23, 2016

I have way too much student debt. Can I consolidate my loans?

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There are a few questions that people write to me frequently about. Here are some of them:

  • What do I do about all my student loans?
  • Can I consolidate them?
  • What does that even mean?
  • Will I pay less or more?
  • Is this permissible for me as a Muslim?

What is Debt Consolidation?

Debt consolidation is “the combining of several unsecured debts into a single, new loan that is more favorable.” In laymen’s terms, all the different loans that you are paying money on will be rolled into one big one, and you’ll make one payment. Continue reading

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