| A student loan consolidation is nothing but taking all a | | | | the hands of government and lending companies |
| students existing loans and reconciling it into single | | | | intended to benefit students clear their loan |
| loan. The end result of consolidating these loans is a | | | | repayments. |
| decrease in monthly installment amounts and interest | | | | The unique feature of loan consolidation is extended |
| rates applicable to the borrower. The student no | | | | repayment period backed up by low rate of interest. |
| longer has to be concerned about making several | | | | Most importantly students would be making only |
| payments to several borrowers every month. | | | | single payment and are not even levied additional |
| Instead, they only have to pay one single payment | | | | interest due to extension of loan period. |
| for all loans. | | | | Good news to those with bad track record is that |
| A student loan consolidation is applicable for all federal | | | | when you go for a consolidation you need not |
| loans like Perkins, Stafford, Direct and private | | | | undergo any specific credit checks or pay any penal |
| educational loans. The general process adopted in | | | | charges. |
| case of federal student consolidation is that these | | | | Another advantage is fast processing. Student loan |
| loans are taken over by various companies or | | | | consolidation is quite simple and is completed within |
| departments of education depending on the nature | | | | two to three months. So, if you are looking to obtain |
| and purpose of the loan. However, interest rate is | | | | a student loan consolidation, just surf the net and fill |
| charged based on the prevailing market rate during | | | | out an online application form. On the other hand, you |
| that year. | | | | can also get these loans from several existing private |
| In fact, student consolidation is another instrument in | | | | lenders. |