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Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
A separate page provides a comparison chart of consolidation loan discounts.
Interest Rates
The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%...
Having a large financial debt can cause an individual significant stress. This is especially true for graduates who may not have found a job immediately after graduation. The reality of making significantly large loan payments without a steady income creates a significant burden.Don't get caught into this trap because not paying back your student loans will cause more trouble than it’s worth. Thanks a lot for such a nice post .
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Posted by: Jonathan Paul | Tuesday, 13 October 2009 at 07:01 PM
Yes, if we consolidate our loans we can retain other benefits also - such as Deferment, Forbearance, interest tax deductibility, and the Death and Disability Benefit. Also, if we have subsidized and unsubsidized loans they will also stay split when we consolidate our student loans in case if we want to go back to school or need to put them into Deferment.
Posted by: deanstalk..net | Monday, 12 January 2009 at 05:29 PM
I got a grant from the federal government for $12,000 in financial aid, see how you can get one also at http://couponredeemer.com/federalgrants/
Posted by: Fairy | Monday, 12 January 2009 at 05:24 PM
The current Governor of Ohio, Ted Strickland, is trying to win popular support for House Bill 545. This unethical law would impose a cap on the interest of no fax payday loans to 36%. This would put the interest on a $100 loan down to a dollar and change, which is not anywhere close to a ballpark amount for ANY business to survive on. HB 545 would drive the industry from the state. Presidential hopeful Barack Obama, on the other hand, has one-upped the Governor, by stating that he will attempt to enact national legislation imposing the same cap nationwide. That would mean the end of the payday loan industry in America altogether. In this already rocky economy, this could mean hundreds of thousands of unemployed, leaving even fewer options to turn to in times of need. Remember: your vote counts and you should vote your conscience. Do you really want to advocate for more unemployment and force your fellow citizens into further credit card or bank debt, or going to Mafioso for help?
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Posted by: Payday Loan Advocate | Saturday, 18 October 2008 at 03:29 PM