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.