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Consolidation Of Government Student Loans

Jan 28, 2008
Nowadays, an education is important to get ahead in society. If you don't get an education, someone who has will get the jobs you want. Because of the growing pressures on educational institutes, and the increased demand on the economy, colleges and universities are forced to increase their tuition more and more every year. For those who want to go to school, this becomes quite a burden. For this reason, it's very important to be know about government student loans consolidation.

Unbeknownst to most, the U.S government offers loan programs such as the Education's Direct Loan Program or the FFEL. Both programs serve to provide assistance to students and their parents. They consolidate your loans that are government funded to become one big loan. The only prerequisite to these programs is that you must be a full time student.

The FFEL program reduces all your loans into one payment. These consolidation loans have a fixed interest rate, which will never exceed 8.25%, so you always know how much your payments will be. The average weighted interest rates of your loans become the consolidated interest rates.

The Federal Perkins Loans, SLS, Federal Nursing Loans, Health Education Assistance Loans and, subsidized and unsubsidized Direct and FFEL Stafford Loans, are just some of the educational loans available that are eligible for consolidation. These services are available to PLUS Loan borrowers (parent and graduate/professional degree students) so they can consolidate their loans.

However, FFEL and Direct Stafford Loan borrowers are only eligible for consolidation after graduation. They are also eligible when their enrollment drops to half-time. You can only consolidate PLUS loans after they have been fully paid out. If you want to be considered for a William D. Ford Direct Consolidation Loan, you must have a Direct Stafford subsidized or unsubsidized loan or, have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.

Within 60 days of total disbursement of the loan, you must begin repayment. Depending on the amount being repaid and the type of repayment option you select, you could finish repaying he loan in 10 to 30 years. Repayment time includes any loans you have that aren't consolidated.

You must make sure as a borrower that you don't have to pay any application fees or prepayment penalties. One good thing about FFEL loans is that credit checks are not required. You must remember, however, that once a loan is taken out, it cannot be unmade. So, government student load can work to your benefit.

I hope you now are more informed on how government student load consolidation can benefit you. Programs like these allow you to get the most out of your education. Now you can be sure that you're keeping up with the keeping up with educational and professional trends.
About the Author
Whether you're considering government student loans, or you want to look for various student loan consolidation services, StudentLoans-101 has you covered!
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