Although most education loans are eligible for consolidation into a Direct Consolidation Loan. There are some private loans that are always ineligible for consolidation. So before you take out any student loans, consider your options and study all fine prints. It’s easy and tempting to get the loans before you enter the programs and thinking [...]
Posts Tagged ‘Student Loan Consolidation’
Some federal education loans are eligible for consolidation into a Direct Consolidation Loan
If you have several student loans and are overwhelmed by the payment, you need to consider the option of consolidating. If you have a federal education loan, you can consolidate it into a Direct Consolidation Loan. The subsidized loans that can be consolidated are: Subsidized Federal Stafford Loans Direct Subsidized Loans Subsidized Federal Consolidation Loans [...]
There are some student loans you can’t consolidate
This is the perfect time to consolidate your student loans. The rates are low and you won’t see this kind of rates once the economy starts growing again. While most federal education loans are eligible for consolidation into a direct consolidation loan including subsidized loans and unsubsidized loans. There are a few exceptions that some [...]
Consolidate Private Student Loans
By Michael Wai W Just to let you know, you are not the only graduate who has to deal with multiple private student loans. It is difficult to manage your financial condition with multiple loans on your back and other expenses to take care of. How can you remedy the situation? Have you ever thought [...]
Federal education loans that are eligible for consolidation into a Direct Consolidation Loan
The following federal education loans are eligible for consolidation into a Direct Consolidation Loan: Direct Subsidized and Unsubsidized Loans Federal Subsidized and Unsubsidized Stafford Loans Direct PLUS Loans and Federal PLUS Loans Direct Consolidation Loans and Federal Consolidation Loans Guaranteed Student Loans Federal Insured Student Loans Supplemental Loans for Students Auxiliary Loans to Assist Students [...]
Can I Consolidate a Defaulted Loan?
Generally, Federal education loan(s) in default may be consolidated in a Direct Consolidation Loan if borrowers: * Agree to repay the loan(s) under the Income Contingent Repayment Plan. OR * Make satisfactory repayment arrangements with the current loan holder(s). If, before applying for consolidation, borrowers who want to completely clear the default notation from their [...]
Can I consolidate an existing consolidation loan?
Yes, under three conditions: Borrowers can consolidate existing consolidation loans into a new Direct Consolidation Loan if they include at least one other FFEL or Direct Loan into the new consolidation loan. Borrowers can consolidate a single Federal Consolidation Loan if the loan is in default status or has been submitted to a guaranty agency [...]
About Loan Consolidation
Consolidation loans allow you to combine different types of federal student loans to simplify repayment. Even if you have just one loan, you can also choose to consolidate it. Both the FFEL and Direct Loan Programs offer consolidation loans. There are several advantages to consolidate or rehabilitate your loan as described in the categories below. [...]
FFEL and Direct Stafford Loan Consolidate Eligibility
All FFEL and Direct Stafford Loan borrowers are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. PLUS loans are eligible for consolidation once they are fully disbursed. Borrowers who are delinquent or in default must meet certain requirements before they may consolidate their loans. Contact your loan holder for more [...]
Obtaining a Consolidation Loan
For a FFEL Consolidation Loan, contact the consolidation department of a participating lender for an application or more information. (Your parents should do the same thing if they want to apply for a FFEL PLUS Consolidation Loan.) For Direct Loans, you (and your parents, for a Direct PLUS Consolidation Loan) can contact the Direct Loan [...]