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What Everybody Ought To Know About Federal Student Loan Consolidation

The Federal Student Loan Consolidation program might endow debt management solutions for
graduates, those who have left school, or dropped to less than half-time. A couple of federal
student loan consolidation possibilities should be the Direct Consolidation Loan and private
consolidation loan.

Federal student loan consolidation feasible choices such as Direct Consolidation Loans grant
borrowers to combine one or more of their Federal education loans into a new loan that puts forth
numerous allowances. One lender and one monthly payment, flexible repayment options, no
minimum or maximum loan amounts or fees (direct consolidation loans), numerous deferment
options, and lower monthly payments.

A considerable amount of loans may accommodate federal student loan consolidation. PLUS
loans, Federal Perkins loans, Stafford loans, Health Professions Student Loans (HPSL), Health
Education Assistance Loans (HEAL) and more. You could look into consolidating other Federal
Consolidation Loans.

Student Loan Default is Not An Option

Default is not a situation you ever want to be in with your student loans. Although defaults rates
have been up in the past year, they are expected to drop. The main reason for the predicted drop
is deferment options. Rather than give up and let your loans default contact your lender and go
over deferment options right away. Often a little extra time is all that is needed to head off a nasty

Get Rid Of Debt with Federal Student Loan Consolidation

Think about a Federal Student Loan Consolidation to beat default. The consequences of default
can be severe. You can consolidate Stafford loans, PLUS loans, and Federal Perkins Loans into
one single debt. You can lessen your monthly payments, but with a longer term on the loan.
Consolidation loans many times present a fixed interest rate for the lifetime of the loan. The term
of the loan can be extended to 10 to 30 years. Although your monthly payments are made smaller,
the total amount paid might be more expensive due to the longer term of the consolidation loan.

More Information on Federal Direct Consolidation Loans

Borrowers need to have at least one Direct Loan to qualify for a Direct Consolidation Loan
according to the latest government guidelines. Even your PLUS loans can be consolidated using
the Direct Consolidation Loan option. Perkins loans can only be consolidated with a Direct
Consolidation Loan if they are in combination with at least one other qualifying loan. Direct
Consolidation Loans are a powerful and flexible consolidation program for you to consider as well.

Think About Private Student Loan Consolidation

After you consolidate all your Federal Student Loans primarily and individually, consider private
student loan consolidation for the surplus. Private student loans are not permitted, in general, to
be consolidated with federal loan programs. The interest rates are predominantly dearer on private
student loans as well. Private loan consolidation is an option that complements federal student
loan consolidation.

Reading up on federal student loan consolidation new graduates might realize that they have the
skill to take on their finances. Resources saved through consolidation can be used to pay off credit
cards and other higher interest rate debts.

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get more information about student consolidation loans here

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