Student Loan Consolidation.
In the United States both 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. (info from wikipedia.com)
Consolidation Loans is similar to refinancing a mortgage. Where it's combine several student or parent loans into one bigger loan from a single lender. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
Student Loan Consolidation Interest Rate.
Normally the interest rate on a consolidation loan weighted by the average of the interest rates on the loans being consolidated. The calculation aproximately nearest 1/8 of a percent and capped at 8.25%.
Who Can Consolidate a student loan consolidation
To be qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace, repayment, deferment or default status. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.
Effective July 1, 2006, married students are no longer able to consolidate their loans together. If married students consolidated their loans together, each spouse became responsible for the full amount of the loan, and the loans could not be separated if the couple got divorced.
Friday, March 26, 2010
student loan consolidation
Student Loan Consolidation.
In the United States both 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. (info from wikipedia.com)
Consolidation Loans is similar to refinancing a mortgage. Where it's combine several student or parent loans into one bigger loan from a single lender. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
Student Loan Consolidation Interest Rate.
Normally the interest rate on a consolidation loan weighted by the average of the interest rates on the loans being consolidated. The calculation aproximately nearest 1/8 of a percent and capped at 8.25%.
Who Can Consolidate a student loan consolidation
To be qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace, repayment, deferment or default status. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.
Effective July 1, 2006, married students are no longer able to consolidate their loans together. If married students consolidated their loans together, each spouse became responsible for the full amount of the loan, and the loans could not be separated if the couple got divorced.
In the United States both 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. (info from wikipedia.com)
Consolidation Loans is similar to refinancing a mortgage. Where it's combine several student or parent loans into one bigger loan from a single lender. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
Student Loan Consolidation Interest Rate.
Normally the interest rate on a consolidation loan weighted by the average of the interest rates on the loans being consolidated. The calculation aproximately nearest 1/8 of a percent and capped at 8.25%.
Who Can Consolidate a student loan consolidation
To be qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace, repayment, deferment or default status. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.
Effective July 1, 2006, married students are no longer able to consolidate their loans together. If married students consolidated their loans together, each spouse became responsible for the full amount of the loan, and the loans could not be separated if the couple got divorced.
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