Student Loan Consolidation
Student Loan Consolidation allows you to combine several existing student or parent loans into one new loan from a single lender, using this new loan lender to pay off the balances on the other loans received from financial institutions or from the federal government. You must then repay to one single lender instead of making different repayments and amounts to various lenders. The student loans eligible for consolidation must be either in grace period (six months after finishing your studies) or repayment, and the minimum amount of money for consolidation is USD 5000.
You should review all the advantages and disadvantages of consolidation student loans, comparing the cost of repayment of all the student loans with the cost of repaying a single Consolidate Student Loan, before choosing the consolidation student loan options.
Loans that may be consolidated
Student Loans from the following programs are eligible for Consolidation Process
• Federal Family Education Loan Program(FFELP): Federal Stafford Loan, Federal PLUS Loan, SLS (Suplemental Loan for Students) and consolidation loans thereof.
• Federal Direct Loan Program(FDLP): Stafford, PLUS and consolidation loans thereof.
• Federal Perkins Loan.
• Federally Insurance Student Loan (FISL).
• Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students.
• Nursing Loan Program (NSL).
• Denver Short-Term Loan.
• Health Education Assistance Loans (HEAL).
Student Loans not eligible for Consolidation
• Non-federal loans obtained through banks, universities or other private financial institutions.
For more information on Student Loan Consolidation please visit Students.net, the most complete portal for students on the web.
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