With increased demand for better education, the college and school fees have also increased. As a result, most students have huge student loans by the time they complete their studies. Most federal education loans offer an option that may reduce the burden of student loans.
The following loans come under consolidation criteria:
1) Subsidized government student loan.
2) Unsubsidized government student loan.
3) Federal Nursing Loans.
4) Federal Perkins Loans.
5) Health Education Assistance Loans.
Always keep in mind that Private student loans do not fall in this criterion.
Government Student Loan Consolidation allows you to combine all federal student loans with one monthly payment. One monthly payment after the consolidation of government student loan will be lower than the payment required under the 15 or 20 year repayment option.
Process of Government Student Loan Consolidation:
To apply for a government student loan consolidation you must fill an application form and contact the lender. To apply for consolidation, you can use online facility provided by your borrower or you can request an application form on telephone incase your borrower does not provide online facility. After receiving your completed application, the lender will request information from your other lenders. Then the borrower will receive notification about consolidation loan, normal consumer disclosures and the amount owed.
Always Consider the CostConsolidation is simply an option of loan repayment, which lowers down your monthly repayment but mostly it increases the total repaying amount, as it increases time period upto 30 years allowing you more time to pay the same amount. Thus, you should compare your consolidated repayment with an unconsolidated one-if there is a big difference then you should find out some other option to solve your problem. Confirm whether you are losing interest rate discounts, principal rebates or any loan cancellation benefits.
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