| Federal loan consolidation provides financial relief for | | | | for taking these loans. Some student loans |
| students graduating with debt. Students who | | | | consolidation companies also offer special rewards |
| consolidate their loans get lower monthly installments, | | | | and incentives to people who maintain good loan |
| fixed interest rates and additional benefits. All this is | | | | pay-back record. |
| done without a credit check, income verification or | | | | If the student has loan amount exceeding $7,500, he |
| fee. Student debt consolidation companies do not | | | | or she can apply for the federal loan consolidation. |
| have a downside and it's beneficial in many ways for | | | | These loans are supported by the US government |
| students who have taken multiple educational loans | | | | on certain basis. If the borrower is unable to pay, the |
| from different borrowers. In this consolidation | | | | govt. pays to the lender and recovers the money |
| program, the consolidated loan is almost like a new | | | | from the defaulter. |
| loan where all existing loans are paid of by the | | | | What Loans Are Eligible For Consolidation? |
| student loan consolidation companies and the | | | | There are certain loans which are eligible for federal |
| students has just one new loan at better terms and | | | | loan consolidation. They are: Federal Stafford Loans, |
| write just one check toward the monthly payments. | | | | Federal Perkins Loans, Federal Direct Loans, Health |
| Benefits Of Federal Loan Consolidation | | | | Professions Student Loans (HPSL), Nursing Students |
| There are several benefits of these federal loan | | | | Loans(NSL), Federally Insured Students' Loan(FISL), |
| consolidation programs as listed below: | | | | Auxiliary Loans to Assist Students(ALAS), Federal |
| The first benefit is getting a loan at lower monthly | | | | Supplemental Loans for Students(SLS), National Direct |
| installments, fixed rates and larger repayment period. | | | | Students Loans (NDLS), Health Education Assistance |
| The repayment period can be extended from | | | | Loans(HEAL), Federal Parents Loan for |
| standard 10 years to up to 30 years, depending upon | | | | Undergraduate Students(PLUS) and Loans for |
| the total amount of federal loan consolidation. | | | | Disadvantaged Students(LDS). |
| Some borrowers allow graduate repayment | | | | The federal loan consolidation is a great way to help |
| schedules for student debt consolidation, where the | | | | out students in their education and enable them to |
| borrowers can keep more of their initial salary for | | | | repay their loans on time. If you are facing problems |
| themselves and the monthly installments increase as | | | | in taking care of your monthly repayment checks or |
| their salary increases in coming years. | | | | are confused with too many loans, then opt for the |
| There are no credits checks or co-signers required | | | | federal loan consolidation and enjoy the benefits. |