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federal student loan consolidation .gov
Student Loan Debt Consolidation -- An Overview
There are a number of student loans and can be categorized into two main types: Federal Student Loans and Private Student Loans. The Federal student loans are disbursed through the US Department of Education's Federal Student Aid programs, and are the easiest to obtain. The private student loans are obtained from standard lending institutions and banks, among others. You can use both types of loans to fund your education, but when it comes to your Student Loan Debt Consolidation, never mix up the two together.
Start by consolidating your Federal student loans first. The benefits of student loan debt consolidation of your Federal loans is that:
The rate of interest is lower
It reduces your monthly payments as the term of loan repayment is increased to 30 years, depending on the loan balance
The repayment is consolidated to a single check payment each month.
You are eligible to go for your student loan debt consolidation of your Federal loans when you are not enrolled in school any longer; you are actively repaying your loan or are in your six-month post-graduate grace period; you have a minimum loan amount of $10,000.
The reason why you should never mix up the Federal and private loans during student loan debt consolidation is that the interest on Federal loans is tax deductible; you can defer payments when you go back to school; and the loan is forgiven for certain types of service. Private students loans do not have these advantages as they are treated just as normal loans. Mixing up the Federal and private loans during student loan debt consolidation makes you lose all the benefits of the Federal loans consolidation.
Go for student loan debt consolidation to lower your debt burden, as once you have graduated you have to start paying back your loans.
Found this article interesting? Then visit our website at: http://debtconsolidationcenter.net for more information on this subject, and also to find hundreds of other articles and resources about debt consolidation.
Gibran Selman takes care of http://debtconsolidationcenter.net a website dedicated to gather information, on and off the internet, about debt consolidation and other related subjects.
More Useful Resource and Updates on federal student loan consolidation .gov
- Student loans harder to come by (The Arizona Republic)
Some are learning a tough economics lesson.
- Loans for college students harder to come by (The Arizona Republic)
Many students heading off to college or vocational schools in coming days will learn a tough, if timely, lesson in economics: The credit crunch has made some education loans harder to get.
- Credit squeeze hits college students, families (MSNBC)
With the price of some top-priced colleges and universities north of $50,000 a year and lenders cutting back on student loans, financing a college education is getting harder.
- Struggling Lenders Continue to Suspend Federal and Private Student Loan Programs (Marketwire via Yahoo! Finance)
Despite federal legislation passed in May that was designed to help the struggling student loan industry, cash-strapped lenders continue to drop out of the student loan business, leaving families throughout the country scrambling to find a new student loan provider as 6.7 million undergraduates prepare to head back to school.
- Survey Reveals One in Four Students Leave College With More Than $5,000 in Credit Card Debt (PR Newswire via Yahoo! Finance)
For college students, applying for a credit card to get a free t-shirt or other perk may seem harmless enough, but poorly managed finances during those college years can lead to significant debt and a bad credit score years after that t-shirt is worn and discarded.
- Student Aid on the Web
The official home page for the federal student aid programs administered by the US Department of Education. ... FFEL and Direct Loan Interest Rates Effective ...
- Cardoza (CA18)- Press Release: Information On Federal Student Loan ...
... of Education or with any lender that provides federal consolidation loans. ... Department of Education at 1-800-557-7392 or http://www.loanconsolidation.ed.gov. ...
- Direct Consolidation Loans
U.S. Department of Education program under which borrowers can apply online for consolidation of their federally-insured student loan debt.
- Financial Aid - ED.gov
Federal Student Aid. If you're planning for college and looking for financial aid, start here. ... Stafford Loan, PLUS Loan, or Consolidation Loan, find ...
- Student Aid on the Web
Click here for the "Federal Student Loan Interest Rate and Consolidation Fact Sheet" ... Most federal education loans are eligible for consolidation, including ...
- Direct Consolidation Loan - Borrower Services
Here you will find what borrowers need to know about Direct Consolidation Loans. ... Application and Promissory Note Home Page. Loan Status Look-Up Home Page ...
- SFA - Federal Consolidation Loans
... outstanding federal student loans into one loan, with one lender and one payment. ... Michigan.gov Home ... outstanding federal student loans into one new loan. ...
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