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Is A Federal Student Loan Consolidation An Option For You?
By Dean Shainin, Thu Dec 8th
Copyright 2005 Dean Shainin There are several advantages when you get a federal student loanconsolidation. You can take advantage of fixed interest rates,lower monthly payments, one payment each month, get paymentincentives and get new or renewed deferments. There is usually not a minimum loan balance required with thistype of loan program. Also, you have the option of which loansyou may want to include and money saving payment incentive planswith some federal consolidation programs.
Another advantage is that you can consolidate your undergraduateloans if you are still in graduate school. You can decide onwhat loans you want to consolidate from the loans that qualify. However, federal consolidation can't include loansyou may have received from banks, credit unions, personal loans,consumer debt loans or any other type of financial service loansthat you may have applied for in the past. They have to befederal student loans to qualify. What You Should Know Before You Apply For A Federal Student LoanConsolidation There are several types of loans that qualify for federalstudent loan consolidation. When considering if your studentloan can qualify, be sure to be very clear on interest rates andto see if you can save money with this type of consolidationloan. Sometimes consolidation can increase yourinterest rate and cost you more than you are paying now. Many federal student loans have a very low fixed interest ratealready in place. This is why it is very important to be veryclear on the rates from the plans you may be considering beforeyou do a federal consolidation. What would be the point if you
end up paying more for yourconsolidation loan? However, for some students it might be agood idea because of the hassles of trying to keep track ofseveral payments and monthly due dates. Only you can decide if a federal consolidationmakes sense for your financial situation. What Type Of Loans Qualify For Federal Student LoanConsolidation? There are several federal student loans that may qualify forconsolidation. Be sure to take some time to research the optionyou are considering and compare costs. You can use onlinecalculators to get an estimate on payments. Check to see if yourtype of federal will qualify for a federal studentloan consolidation program. 10 Types Of Loans That Can Qualify For Consolidation 1. Federal Perkins Loan 2. Federal Stafford Loans 3. FederalDirect Loans 4. Federally Insured Student Loans 5. FederalParent Loans 6. National Direct Student Loans 7. Nursing StudentLoans 8. Health Education Assistance Loans 9. Health ProfessionStudent Loans 10. Auxilary Loans To Assist Students With some research and a little education you may be able to geta federal consolidation to help ease the burden ofhaving several student loans. You can focus on your educationand new career instead of stressing out about trying to keeptrack of several loan payments and due dates. With today's Internet access, you now have an advantage whenconsidering a federal consolidation as an option.You can easily see if you qualify and get the best loan programfor your financial situation. About the author:Dean Shainin is a consultant specializing in student loanconsolidation. Get valuable resources, tools, information andmore articles on consolidation, visit this site:http://www.studentloanconsolidationtips.com
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