Federal Student Loan Consolidation
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Is it Possible to get a Federal Student Loan Consolidation?
If fact, a federal student loan consolidation is perhaps the best way to handle your student loans that pile up by the time you are finished with school. A common misconception is that federal loans can't be consolidated, but they can! There are so many benefits to a federal student loan consolidation that you should consolidate as soon as possible to take advantage of the lowered monthly payments and interest rates that a federal student loan consolidation has to offer.So what is the first step?
The first step to a federal student loan consolidation is making sure your loans are eligible for consolidation. This means that you must not be in default on the loans you wish to consolidate and that you have begun the repayment period on those loans. It's crucial to stay in good standing or you can't take advantage of federal student loan consolidation. However, if you are for example, in default on a loan you wish to consolidate, you may be able to remedy the situation by making payment on time for 3 months before consolidating.Will I save money?
Typically, with a federal student loan consolidation, savings range from 10 to 60% with most people saving somewhere around 30%. Now is a good time to consolidate since interest rates remain at incredibly low rates. You will probably get a lower interest rate and the ease of one payment on your student loans.What if I still can't make the payment on a federal student loan consolidation?
Well, there are still options available to you if you can't afford to make the entire payment on your consolidation. One great option that a federal student loan consolidation can provide is a graduated payment plan. With this option you are able to gradually increase the amount you pay monthly as your income increases.