The process of student loan consolidation is getting very popular and common these days among the students. There are many organizations offering these services for the benefits of students. This helps the students to pay the education fees easily and in a cheap way.
Information about Loan Consolidation
Various student loan consolidation programs are scheduled, in which they give counseling for applying and managing debts. Loan consolidation process involves bundling of different loans borrowed by the student, to cover their education expenditure to a single loan. With this, they have to pay one monthly payment instead of different payments and to a single lender.
The rate on which the interest is charged is fixed and is calculated by taking up the weighted average of the interest rates of the loans that you are willing to consolidate, which are further rounded up to the nearest one-eight of one percent or 8.25, which ever of the two is less.
Am I Eligible For The Loans?
It is must to study the eligibility criteria before applying for the student loan consolidation. Some are mentioned below:
Consolidation of loans is an easy task and can be easily availed by students and even by their parents. For the student debt consolidation, you can contact any bank or credit union that deals with Family education loan program or directly from the U.S. Department of Education. No matter from where you get the loans consolidated, the terms and conditions for applying the loan are similar everywhere.
Before doing research and applying for student loan consolidation, it is important to know the loans that can be consolidated. The list of such loans is below:
To sum up, you should choose the best option and the best times for getting the loans consolidated, because it can be done once unless you move back to school again or take any new loan.