An Overview Of Student Loan Debt Consolidation

An Overview Of Student Loan Debt Consolidation



An Overview of​ Student Loan Debt Consolidation
A student loan debt consolidation loan allows you​ to​ combine your federal student loans into a​ single loan with one monthly payment. the​ repayments of​ a​ student loan debt consolidation loan can be significantly lower than the​ payment required under the​ standard 10year repayment option. Under the​ Federal Family Education Loan FFEL Program,​ banks,​ secondary markets,​ credit unions,​ and other lenders provide the​ student loan debt consolidation loan. Under the​ William D. Ford Federal Direct Loan Direct Loan Program,​ the​ federal government provides the​ student loan debt consolidation loan.
Most federal education loans are eligible for inclusion in​ a​ student loan debt consolidation loan,​ including subsidized and unsubsidized Direct and FFEL Stafford Loans,​ SLS,​ Federal Perkins Loans,​ Federal Nursing Loans,​ and Health Education Assistance Loans. However,​ private education loans are not eligible for inclusion in​ a​ student loan debt consolidation loan.
To find out which loans can be included in​ a​ student loan debt consolidation loan contact the​ Direct Loan Origination Centers Consolidation Department if​ you’re applying for a​ direct student loan debt consolidation loan. Contact a​ participating FFEL lender if​ you’re applying for a​ FFEL student loan debt consolidation loan.
It is​ worth noting that you​ are still eligible for a​ student loan debt consolidation loan after you​ graduate,​ leave school,​ or​ drop below halftime enrollment. you​ can also get a​ student loan debt consolidation loan while youre in​ school. you​ must,​ however,​ be attending at​ least half time and have at​ least one Direct Loan or​ FFEL in​ an ‘inschool period’ which generally means that you​ have been continuously enrolled at​ least half time since the​ loan was disbursed. There are a​ number of​ conditions that need to​ be met for you​ to​ qualify for a​ student loan debt consolidation loan,​ especially if​ you​ are delinquent or​ in​ default and your loan holder will be able to​ give you​ all the​ necessary information.
If the​ same holder holds all the​ FFEL loans you​ want to​ consolidate,​ you​ must obtain the​ student loan debt consolidation loan from that holder,​ unless you​ havent been able to​ get a​ loan with incomesensitive repayment terms that are acceptable to​ you. to​ be eligible for a​ William D. Ford direct student loan debt consolidation loan,​ you​ must have either a​ direct Stafford subsidized or​ unsubsidized loan that will be included in​ the​ student loan debt consolidation loan or​ have at​ least one Federal Family Education Loan FFEL program Stafford subsidized or​ unsubsidized loan.
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