Student loan consolidation is done for many reasons. The advantages are many such as fixed interest rates, lower monthly payments, money-saving payment incentives, only one payment each month, new or renewed deferments and much more. And when you consolidate with federal consolidation loan, the benefits are many.
Take advantage of federal consolidation loan such as low interest rate and money-saving incentives. This does not require minimum loan balance.
You also have the choice to decide which one to include and which one not to include in your federal consolidation loan. While you are in graduate school, it is a good idea to consolidate your undergraduate loans. Consolidation of a part of the loans is also possible. It’s quite flexible and convenient.
With student loan consolidation you can bring down your monthly payments by up to 58 percent by extending the repayment term of your loan. But you should also keep this fact in mind that the total amount you will pay over the life of your loan could be increased if you extend your repayment term.
The federal student loan types eligible for student loan consolidation are federal Stafford loan (both subsidized and unsubsidized), federal direct loan (both subsidized and unsubsidized), health professions student loan, federal Perkins loan, federal supplemental loan for students, federally insured student loan, auxiliary loan to assist students, nursing student loan, loan for disadvantaged students, health education assistance loan, national direct student loan, and federal parent loans for undergraduate students.
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