Student Loan Consolidation is becoming more of an important issue as more and more college students are being forced into student loan debt in order to pay the high cost of college tuition. After graduation your Student Loans may go into repayment right away or there may be a grace period depending on your lender. The easiest way to get your payments under control is with a student loan consolidation.
The first step to consolidating your student loans is to know who your lenders are. When filling out financial aid paperwork students' are given a choice of lenders. If you have taken out a student loan every year, you may have more than one lender. There is also a difference between Federal Student Loans and Private Student Loans. Gather up all your paperwork from your last four years of college and write out a list of all your lenders, the amounts you owe and whether your loan is a Federal or Private Student loan. If you do not know who your lenders are you can visit this link http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp for information on all of your federal loans.
Which student loans are eligible and which are not? According to the Federal Student Aid website the following are some of the student loans are eligible for consolidation;
Subsidized Federal Stafford Loans
Subsidized Federal Consolidation Loans
Guaranteed Student Loans (GSL)
Unsubsidized and Nonsubsidized Federal Stafford Loans
Unsubsidized Federal Consolidation Loans
Direct PLUS Consolidation Loans
Federal Perkins Loans
Parent Loans for Undergraduate Students (PLUS)
Loans that are not eligible for consolidation are; Loans made by a state or private lender and not guaranteed by the federal government Check their website for more details.
To be eligible you must have a qualified loan in repayment, grace, deferment or default status. Remember, even if your loan is currently in default you can still qualify if you have made satisfactory repayment arrangements. You can apply online, over the phone or fill out a paper application. Just visit the Federal Student Aid website or any other qualified student loan consolidation lender.
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Thanks for the information. I am a college student at 32 yrs old and working full time. My degree is in marriage and family counseling.
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