student loan

The process of student loan consolidation is getting very popular and common these days among the students. There are many organizations offering these services for the benefits of students. This helps the students to pay the education fees easily and in a cheap way.

Information about Loan Consolidation

Various student loan consolidation programs are scheduled, in which they give counseling for applying and managing debts. Loan consolidation process involves bundling of different loans borrowed by the student, to cover their education expenditure to a single loan. With this, they have to pay one monthly payment instead of different payments and to a single lender.

The rate on which the interest is charged is fixed and is calculated by taking up the weighted average of the interest rates of the loans that you are willing to consolidate, which are further rounded up to the nearest one-eight of one percent or 8.25, which ever of the two is less.

Am I Eligible For The Loans?

It is must to study the eligibility criteria before applying for the student loan consolidation. Some are mentioned below:

You are dealing with more than one lender at the time of applying loan consolidation.

Must have eligible loans of more than $7500.

You do not have any student loan consolidated until date or have gone back to school for any reason, and acquired new student loans.

If you start to repay their loans or are in the 6 months grace period after graduation.

The consolidation loan is an easy task and can be easily exploited by the students and also their parents. For the student debt consolidation is possible in any form or credit union bank that deals with family education loan program or directly from the U.S. Department of. Nomatter from where you get the loans consolidated, the terms and conditions for applying the loan are similar everywhere.

Before doing research and applying for student loan consolidation, it is important to know the loans that can be consolidated. The list of such loans is below:

Guaranteed Student loan

Nursing Student Loans

Direct Subsidized and Unsubsidized Loans

Direct Plus Loans and Federal Plus Loans

Health Education Assistance Loans

Health Professions Student Loans

Auxiliary Loans to Assist Students

Federal Subsidized and Unsubsidized Federal Stafford Loans

Federal Insured Student Loans

Federal Supplemental Loans for Students

Federal Perkins Loans

Loans for Disadvantaged Students

National Defense Student Loans

National Direct Student Loans

To sum up, you should choose the best option and the best times for getting the loans consolidated, because it can be done once unless you move back to school again or take any new loan.

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