What Is It About?
It is seen that an average student graduates not just with a degree but also with also a financial debt amounting to nearly$20, 000. Now that's a huge amount even though the student lands with a good job. Therefore, it is best that you start thinking of student debt consolidation reduction even while you are in the college to be able to repay your debts as soon as possible. The government is also keen that will help you in this matter, so they offer you this college student federal loan consolidation program. The loans that you took have fluctuating interest rate, but the new loan provided by the student federal loan consolidation is fixed. Hence, it will save you a lot of money per month. It is quite simple to apply for it and no credit card checks or other criminal background checks are carried out for it.
Is Everybody Eligible?
Not every federal loans however come under federal loan consolidation. The loans that you could pay through student loan debt consolidation are:
- Government Stafford Loans (Subsidized Or Unsubsidized)
- Federal Direct Financial loans (Subsidized Or Unsubsidized)
- Federal Perkins Loan
- Health Professions Student education loans
- Nursing Student Loans
- Federally Insured Student Financial loans
- Auxiliary Loans To Assist Students
- Federal Additional Loans For Students
- National Direct Student Loans
- Wellness Education Assistance Loans
- Federal Parent Loans For Undergrad Students
- Loans For Disadvantage Students
Beside this, your loan amount ought to be more than $7, 500 and you should not maintain a graduate school. However, do not be too worried over whether you're eligible or not, just apply to Federal Student Mortgage Consolidation, a part of Federal Family Education Loan Plan, and your lender will verify all facts for a person.
What Happens After I Have Applied?
After applying with regard to federal loan consolidation, your lending company will contact your own previous lenders and repay your loan amount. Then you repay your new lender at a much lower rate and over a longer period period. You also have various repayment options e. grams. you can clear your other types of loan like credit card loans before you begin repaying federal loans or pay your consolidated loans early with no fear of penalty. You can also get income tax benefit about the money you are paying back.
So do not delay if you're about to graduate or have just graduated. Use your grace period for moving in for student federal loan consolidation and avail further decrease in the interest rates. Choose a good student debt consolidation company and take the initial step toward a debt free tomorrow.
What Happens After I Have Applied?
After applying with regard to federal loan consolidation, your lending company will contact your own previous lenders and repay your loan amount. Then you repay your new lender at a much lower rate and over a longer period period. You also have various repayment options e. grams. you can clear your other types of loan like credit card loans before you begin repaying federal loans or pay your consolidated loans early with no fear of penalty. You can also get income tax benefit about the money you are paying back.
So do not delay if you're about to graduate or have just graduated. Use your grace period for moving in for student federal loan consolidation and avail further decrease in the interest rates. Choose a good student debt consolidation company and take the initial step toward a debt free tomorrow.