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Is A Federal Student Loan Consolidation An Option For You?
There are several advantages when you get a federal student loan consolidation. You can take advantage of fixed interest rates, lower monthly payments, one payment each month, get payment incentives and get new or renewed deferments.
There is usually not a minimum loan balance required with this type of loan program. Also, you have the option of which loans you may want to include and money saving payment incentive plans with some federal student loan consolidation programs.
Another advantage is that you can consolidate your undergraduate loans if you are still in graduate school. You can decide on what loans you want to consolidate from the loans that qualify.
However, federal student loan consolidation cant include loans you may have received from banks, credit unions, personal loans, consumer debt loans or any other type of financial service loans that you may have applied for in the past. They have to be federal student loans to qualify.
What You Should Know Before You Apply For A Federal Student Loan Consolidation
There are several types of loans that qualify for federal student loan consolidation. When considering if your student loan can qualify, be sure to be very clear on interest rates and to see if you can save money with this type of consolidation loan. Sometimes student loan consolidation can increase your interest rate and cost you more than you are paying now.
Many federal student loans have a very low fixed interest rate already in place. This is why it is very important to be very clear on the rates from the plans you may be considering before you do a federal student loan consolidation.
What would be the point if you end up paying more for your consolidation loan? However, for some students it might be a good idea because of the hassles of trying to keep track of several student loan payments and monthly due dates.
Only you can decide if a federal student loan consolidation makes sense for your financial situation.
What Type Of Loans Qualify For Federal Student Loan Consolidation?
There are several federal student loans that may qualify for consolidation. Be sure to take some time to research the option you are considering and compare costs. You can use online calculators to get an estimate on payments. Check to see if your type of federal student loan will qualify for a federal student loan consolidation program.
10 Types Of Loans That Can Qualify For Consolidation
1. Federal Perkins Loan 2. Federal Stafford Loans 3. Federal Direct Loans 4. Federally Insured Student Loans 5. Federal Parent Loans 6. National Direct Student Loans 7. Nursing Student Loans 8. Health Education Assistance Loans 9. Health Profession Student Loans 10. Auxilary Loans To Assist Students
With some research and a little education you may be able to get a federal student loan consolidation to help ease the burden of having several student loans. You can focus on your education and new career instead of stressing out about trying to keep track of several loan payments and due dates.
With todays Internet access, you now have an advantage when considering a federal student loan consolidation as an option. You can easily see if you qualify and get the best loan program for your financial situation.
Is A Student Loan Consolidation Or Federal Student Loan Consolidation Right For You? (Page 1 of 2)
With the cost of education going through the roof, going to college can be very costly. Many students dont have thousands of dollars to pay their way through college. This is why so many college students use student loans and federal student loans to get themselves through college. When it comes time to pay back their student loans, it can be a real burden and a distraction from their career.
Todays career minded students can get help with the burden of having several student loans. One can focus on their chosen career, instead of losing sleep over paying several monthly student loan payments. Student loan consolidation and federal student loan consolidation can be the solution with several benefits.
How Does Student Loan Consolidation Work?
Here is typically how a student consolidation loan works. When a student first applied for several loans from several different agencies and student loan providers, they each gave a different interest rate and term for paying back the loans.
The idea of student loan consolidation, is to take all the different student loans and put them into one easy convenient loan. You then only have to make one monthly loan payment every month, instead of several loan payments every month over time.
This saves the student both time and money. Having a lower interest rate and less checks to write every month are a couple of the many bebefits of doing a student loan consolidation or federal student loan consolidation.
What About Federal Student Loan Consolidation?
There are several advantages when you get a federal student loan consolidation. You can take advantage of fixed interest rates, lower monthly payments, one payment each month, get payment incentives and new or renewed deferments.
There is usually not a minimum loan balance required with this type of loan program. Also, you have the option of which loans you may want to include and money saving payment incentive plans with some federal student loan consolidation programs.
Another benefit is that you can consolidate your undergraduate loans if you are still in graduate school. You can decide on what loans you want to consolidate from the loans that qualify.
However, federal student consolidation loans cant include loans you may have received from banks, credit unions, personal loans, consumer debt loans or any other type of financial service loans you may have applied for in the past. They have to be federal student loans to qualify.
8 Helpful Benefits From Student Loan Consolidation
1. Lower Monthly Payments. Depending on your student loan situation and the type of lender you choose, you may be able to lower your monthly payments by up to 50%
2. Having Simple Loan Payments. By consolidating your student loans, you only have one loan payment per month and one check to write. This is very beneficial if you are writing several checks every month to multiple lenders.