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In the United States both the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP) include consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.

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Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.

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The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of a university, that university) or FFELP lender (e.g., a third party bank).

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In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP. Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of $46 million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a $3,100 million saving comprised in part of avoiding $2,500 million in subsidy costs.

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Federal Direct Loan Program (FDSLP), often referred to as "Direct Loans," is a United States Department of Education program that provides loans to help students pay for education after high school. The Department of Education acts as a lender, providing funds for Stafford loans and PLUS loans in the same amounts as the Stafford and PLUS loans offered through the Federal Family Education Loan Program (FFELP)

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The Department of Education allows schools to choose which program, FDSLP or FFELP, best suits the needs of its students. The Department of Education does not currently allow a student to choose a FDSLP loan if the school chooses to participate in FFELP, and vice versa. However, students may be able to choose to consolidate loans under either FDSLP or FFELP.

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Congress passed a version of the Direct Loan program under President George H.W. Bush, but Bush promised to veto it. Candidate Bill Clinton promised that he would sign such legislation into law if elected, and the Direct Loan program was one of the first laws he signed in 1993. Some of the more fiscally-conservative Republicans have fought to end the program or make its terms less attractive to students once Republicans took over Congress in 1994. Notably, U.S. Rep. John Hostettler of Indiana was a leader amongst these. Over 700 students at Indiana University plus the entire Bloomington City Council signed a petition in 1995 to oppose Hostettler's plan to abolish the program. The Indiana University Student Association passed a resolution in opposition to his plan by a margin of 38-3 in February of 1996.

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Funding for the Federal Direct Student Loan Program has decreased from just over $7 billion in 2006 to $509 million budgeted for 2008.
Democrats made more student-favorable Direct Loan terms part of their platform, which contributed to their retaking Congress in 2006.
In comparison, other countries have also experimented with government-sponsored loan programs. New Zealand, for instance, now offers 0% interest loans to students (retroactive for all former students who had government loans), who can pay their loans back as a percentage of income after they graduate. This program was a Labour Party promise in the 2005 general election.

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Federal Student Loans are easier to pay and brings less long term hassle and panic if these debts are converted into Federal Student Loan Consolidation. Consolidating your loan means that all the different types of student loans you acquired will be combined in one loan. Doing so has many advantages. Since federal student loan interest rates are currently at their lowest, loan consolidation actually means that the interest rate used for the whole duration of your loan is fixed.

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However, there are also disadvantages when one avails student loan consolidations. It all depends on you, really. If you think it would take you a longer time to pay off your student loan, you will then consequently pay more interest during the course of your whole loan repayment. However, since in consolidating your loans, there are really no penalties in prepayment and if you continually pay the same amount of payments before actually consolidating your loans, the interest you will incur would not increase. You will be able to pay the student loan off faster than when you did not consolidate your loans.

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One category you could take into consideration regarding federal student loans is availing of the FFEL consolidation loan. This loan program helps any borrower via multiple repayment schedules. Through the FFEL loan consolidation program, only one payment is made each month. In the FFEL program, the student loan consolidation you will be acquiring will be made by a commercial lender, after which credit bureaus will tell you that you already have a zero balance in your account, after doing so you will then sign a fresh promissory note indicating that you will have a new interest rate and schedule of repayment. But, in order to avail of the FFEL student loan consolidation, you must currently be in repayment on the loan you defaulted or that you have been able to make at least three voluntary and on time monthly payments in full.

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Again, refinancing student loans depends on the borrower. The United States Department of Education does not in any way allow any borrower to refinance a student loan consolidation. But if in case a borrower has an additional federal loan that is not originally included in the loan consolidation, these debts may then be added and calculated again into a another Federal Consolidation Loan. Another advantage when one avails of student loan consolidation is that there are no fees or charges incurred. The United States Department of Education does not in any way make charges or collects any fees to any borrower who avails of the student loan consolidation.

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So now that the details and advantages have been outlined, the following is a basic list of some student loans that are eligible to be consolidated: PERK - Federal Perkins Loans, formerly Nations Defense/National Direct Student Loans (NDSL), PLUS - Federal PLUS (Parent) Loans, SCON - Subsidized Federal Consolidation Loans, UCON- Unsubsidized Federal Consolidation Loans, SLS - Federal Supplemental Loans for Students (formerly Auxiliary Loans to Assist Students (ALAS) and Student PLUS Loans), SS - Subsidized Federal Stafford Loans & Guaranteed Student Loans (GSL), DSS - Direct Subsidized Stafford Loans, DUS - Direct Unsubsidized Stafford Loans, DPLUS - Direct PLUS Loans, DUCON - Direct Unsubsidized Consolidation Loan, including Direct PLUS Consolidation Loans.

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Student loan consolidation has another advantage. A borrower is still entitled to avail of the same Federal benefits. This is because student loan consolidation is a federal program. And being it a federal program, a borrower is more than welcome and is entitled to various benefits such as deferment, interest that is tax deductible and forbearance. Plus, the student loan is guaranteed by the government and is insured federally.

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Student loan consolidation loans are required when you finish school and you are ready to begin paying back your student loans. In most cases they consist of two different loans, one loan for your subsidized and another for your unsubsidized loans.
Once you complete school, you will be required to start paying back your student loans. You must contact a lender of your choice to get student loan consolidation loans. Most people decide to go with the bank that they currently bank with. This makes it easier for them to make the payments directly through their bank accounts to their lender. Many times people can make the payment online by a transfer out of their bank account. Many of these lenders will offer a 1% decrease in the interest rate if the payer has an automatic withdrawal done each month. 1% doesn’t sound like very much, but it is a lot of money, especially for the larger loans.

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Student loan consolidation loans will consist of two loans in most cases. When you go to school and you get student loans, most of the loans are subsidized and unsubsidized. One of these loans collects interest during the deferment period and the other loan does not. A lender will give you two student loan consolidation loans, one for the subsidized and one for the unsubsidized. The lender will determine your monthly payment that you will pay. When you make your monthly payment, the lender will place your payment on each loan accordingly.

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If you fail to choose a lender for your student loan consolidation loans, then a lender will be chosen for you. It might be best for you to shop around for your lender if you do not want to use your personal bank. However, your payment will be the same for everyone unless you decide to go with a private lender. But that could be dangerous. Be sure to choose you student loan consolidation loans lender to ensure you are working with a lender that is right for you.
Student loan consolidation loans are what you will need to get after you have completed school and you are ready to pay back your loans. Choose a lender that is right for you.

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Student loan and consolidation is available to everyone in the United States who would like to go back to school and continue their education. There are several requirements for you to be eligible for student loan and consolidation. You must not be a dependent of anyone, you must have graduated high school or have a GED, and you must not have previously defaulted on any other student loans.

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There are many benefits of student loan and consolidation if you are thinking of continuing your education. Student loan and consolidation is government loans that allow you to pay for education by getting loans and paying them later. Your education will allow you to find a better paying job toward a career goal that you might have. After you have completed your education and obtained the degree of your choice, you will begin to pay back your student loan and consolidation.

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You can qualify for a student loan and consolidation if you have never defaulted on a student loan in the past. If you did go to school in the past and obtained a student loan and consolidation and you did not pay on the loans and they are still showing as defaulted, you will not be able to get more loans until the outstanding balances have been paid. You can get private loans to pay on them or you can call your loan holder to start making payments. Once you have paid off the old student loan and consolidation, you can get another. The lifetime benefit for student loan and consolidation is $140,000 for an education.

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If you are at least 23 years of age and you are not a dependent of anyone, you will be eligible for student loan and consolidation. This means that you will be filing your own taxes and claiming yourself as the head of household. If you are married and your spouse files head of household, this is okay too. You just cannot be claimed as a dependent.
Anyone can go back to school with a student loan and consolidation. The government will give you a great rate to pay back your loans and this gives you the opportunity to create career goals and make the money that you have always wanted to.

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Student loan consolidation interest rates vary. Depending on the economy and how bad the economy is doing, the interest rates may be low and vice versa. When you get a loan, the student loan consolidation interest rates through the government are the same for everyone.
When it is time to repay the loans, the student loan consolidation interest rates are then different, usually based on the lender.

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For students that took student loans out on or after July 1st, of 2006, they will have an interest rate of 6.8%. Some people who have interest loans prior to that date have variable interest rate loans. The 91-day Treasury bill auctions determine the interest rates each year on July 1.
The current government loans are the Stafford for students and graduates and the Parent PLUS loans. Today, the interest rates for students with a Stafford loan is 6.62% and 7.22% for graduates. The Parent PLUS student consolidation loan interest rates for loans after July 1st, 1998 and before July 1st of 2006 are 8.02%. Parent PLUS loans that were disbursed after July 1sth of 2006 is 8.50%.

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Once you complete school and you are ready to pay back your loans, the student loan consolidation interest rates might vary based on who you are combining your loans through. You might combine your government student loans through one lender with a lot of benefits to your consolidation plan and you might think you have a great rate with a great payment. Often times, you will receive phone calls from private lenders that will do everything they can to beat the current rate and buy your loans. It is common for these private lenders to beat the student loan consolidation interest rates that you currently have on your student loans, but you might be losing all of the benefits of your government loans by going with a private lender. You might want to look at all of the differences on the loans before signing over your loan to a private lender.

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Student loan consolidation interest rates are based on the 91-day Treasury bill results every July 1 of the year. They may fluctuate every year depending on the economy. Once you combine your student loans, the student loan consolidation interest rates should be the same and at a fixed rate for the duration of your payment plan.

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How long will it take after I pay off my small student loan for my credit to be restored?
Usually people start paying on their student loans a year or two after they complete college. Creditors allow students to get established at their jobs before they require paymetns. Your credit is most likely still ok. You can always get a copy of your credit report to find out what is on it and to check your score.

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What are the best companies for student loan consolidation? There are many ways to handle paying your college loans. Many graduates prefer to consolidate their multiple college loans into one loan. Contacting one of the many companies that lend money specifically for student loan consolidation helps make the decision to consolidate much easier.
Even if you can make the monthly payments from your original loans, you may still want to consider consolidating to lower your payments and free up money for other bills with higher interest rates. Using some of the best companies for student loan consolidation helps make the process easier rather than going to a company that doesn't specialize in student loan consolidations

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A consolidation loan lets you combine all your federal student loans into one single loan. Consolidation loans have fixed interest rates that are based on a weighted average of all the loans you are consolidating. You can gain a lower total interest rate if you contact companies that provide loans at the lowest average interest rate. This protects you from future rate increases, but does not allow you to benefit if variable rates decrease in the future. You can also get decreased interest rates by making regular payments or simply allowing your payments to be drafted directly from your bank account.

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Repayments on consolidated loans begin within 60 days of consolidation and have payback terms between 10 and 30 years depending on the amount of the loan and the payment options you select. Some of the best consolidation companies for student loan consolidation will have a variety of plans for repayment, so you're sure to find one that matches your circumstances. You can also pay your loans off early and there is generally no fee associated with doing so.

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While loan consolidation can simplify loan payments and lower your monthly bill by as much as 50%, it can increase the total cost of paying off your loan. Consolidation companies are able to offer lower monthly payments by extending the life of the loan. This fact means that the amount of interest you pay may double by the time you pay off the loan. If you don't need the payment relief offered by consolidation, you should carefully consider the cost of paying your non-consolidated loans against the cost of loan consolidation.

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You should also consider the fact that once consolidated; you will lose many of the benefits of a non-consolidated loan such as discounts on your interest rate, principle rebates, or loan cancellation benefits, all of which can decrease the amount of your loan.
College loan repayments don't have to be a source of stress in your young adulthood. If you are doing all you can to make your monthly payments, but still can't find a way to make ends meet it may be best that you contact one of the many companies that offer student loan consolidation. Don't struggle, investigate today.

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After graduation, many students do not realize the total amount of student loan payments they will be responsible for every month. Several smaller loan payments can add up to a substantial amount of money each month. While the interest rates for student loans are great, and the education received as a result of the loans is worth the inconvenience of loan payments, many students will still need to research ways to make their student loan payments more manageable.

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Fortunately, there are several worthwhile options for borrowers who find that they need some help in adjusting their student loan payments to fit their income. One such option is student loan consolidation, which is simply combining all of your student loans into one lender, and therefore making one monthly payment.
Should You Consolidate?

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If you find that you are having trouble meeting all of your payment obligations every month, you may want to consider consolidating all of your student loans into one monthly payment. The payment is usually smaller under consolidation, which is beneficial if you want to reduce the percentage of your income that is used to pay your student loans. Another reason to consolidate, especially if you have an adjustable interest rate loan, is that you can often lock in an interest rate under consolidation. You will want to be very careful, however, not to mix private and federal student loans together when you decide to consolidate; because when you do so, you will lose all of the tax benefits available to you with your federal loans (such as the tax deduction for interest paid).

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Another factor to consider with student loan consolidation is that by reducing your payments and lengthening the term of your loan repayment, you will be adding to the total amount of money you will be repaying; so be sure to pay any extra amount on your payment that you can, if possible.

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Once you have decided to begin the consolidation process, the most logical option is to contact one of your current lenders. Most of the lenders for federal student loans will be happy to buy out the loans from your other lenders and consolidate them for you. Be sure that you ask about the difference between private and federal student loans; because many lenders treat them very differently during consolidation. You may also need to specify that you are interested in locking in the lowest interest rate possible for the life of the loan. If you are a married borrower and your spouse also has student loans, the lender may suggest that the two of you consolidate all of your loans together, for one lower monthly payment. Be extremely wary of this option: by combining all of your loans into one, you are taking joint responsibility for the debt. This means if one of you dies, the other spouse continues to be responsible for the loan; it also means that, in cases of divorce, you must go through the process of attempting to divide the debt.

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There are many companies that will help walk you through the process of student loan consolidation; however, make sure that you are well-informed of the actual process before you sign on with any one lender. Student loan debt does not have to severely affect your finances, and consolidation is a great method of managing this type of debt. As long as you have researched all of the options of consolidation, and you have also well-researched your lender options, you can go through the process of student loan consolidation assured that you are making a very wise financial decision.

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Like any form of consolidation a private student loan consolidation is when a borrower is allowed to combine multiple private loans under one single private lender at a new interest rate. This allows debtors to find payment relief by spreading the repayment over longer time duration and making the installments for the loan easier. Often it is possible for lenders to consolidate education related credit card debt into the loan but the debtor should have a good credit history or a reliable cosigner.

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• The advantages of a private loan consolidation are: • Lowers fixed rates and longer deferment time periods • Single easy monthly payments rather than multiple payments • Collateral not needed loan given against previous history • No penalties on pre-payment
The advantages of loan consolidation cumulatively are more since multiple loans are easily consolidated into a single loan. A fixed interest rate then helps lower the monthly payments compared to a variable rate loan. Homeowners are allowed to retain the equity on their homes without taking out additional mortgages to repay previous debts.

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A student who wants to opt for this must have completed at least 30 days of graduation and begin the loan application process in a expedient manner. The consolidator must be a US citizen and be 18 years of age. The must be fully disbursed within the time limit and their will be no penalties imposed. Private student loan consolidation allows the main burden of debt to be lifted from the students and/or parents shoulder and allow them to work and repay the single loan taken in a proactive manner.

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Have you ever heard of refinancing your mortgage? Are you aware of how refinancing works? If you are, then student loans consolidation service should not be a new term for you. For the uninitiated to student loans, student loans consolidation service consolidates small education loans into one big student loan. This big loan is used to pay off the amounts on the smaller student loans.
How do students gain out of this service?
The consolidation service gives students the peace of mind to pay off only one big loan and that's where it stays. The last thing students want when they are studying is their mind wandering off between paying the installments for their multiple loans. This service makes life for earning students easier and has already gained popularity amongst students.

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How does this service work?
Let us assume that a student has multiple loans taken for his education. If he is tired of struggling between payments for different loans, all he has to do is to consolidate the loans into one big loan. This big loan is available at a negotiable interest rate and hence would be available for students to pay off the small loans.
The one key thing to be noted about this consolidation act is that student and parent loans cannot be consolidated at all. That said, even multiple loans from parents can be consolidated into one big loan. The only difference is that one parent loan and one student loan cannot be combined under the consolidation service.

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When to consolidate your student loans?
Start asking questions on what is the best possible time for you to consolidate your student loans. Please note that you cannot consolidate your loans till the time you are in school. It is safely assumed that while you are in school, your education is not complete and hence repayment for the loan cannot start till then.
Start thinking of consolidating your loans after you start repaying your existing student loans. Ideally, the financial institution that offers the consolidation service would want to know your repayment history. Credit History and Repayment History are some of the factors that are taken into consideration during the consolidation service.

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Please note the importance of student loans consolidation service in terms of saving your time in toggling between different loans. As a student, you definitely would not want to spend time in paying multiple loans. Get all those loans under one big loan, payoff the big loan and make your studying life simpler.
Save yourself the trouble of having multiple loans from many different sources. A good student loans consolidation service can make handling your loan debt much easier and save you money too.

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