| Six years after starting school your son or daughter | | | | Of course, former students must know that if they |
| has a Master's degree from a top notch university | | | | choose a student loan consolidation loan at any time |
| such as Brown, Duke, or Gonzaga. Years of hard | | | | during their 180 day grace repayment period that |
| work and reaching for their best has paid off as your | | | | starts upon their graduating from school, then the |
| offspring has landed a plum position with a research | | | | repayment on the consolidated student loan must |
| company in the Dallas area. That $50,000 per year | | | | begin at once. Therefore, if you are considering |
| starting salary certainly is competitive but your adult | | | | consolidating your loans you may want to time it so |
| child has one big problem: student loan debt in the | | | | that you are either ready to make your first |
| neighborhood of $106,000! Yes, school is done but | | | | payment ahead of time or have the consolidated loan |
| much debt remains; enough so that it could take a | | | | kick in after your grace period has expired. Yes, you |
| full 20 years to retire his or her obligations. | | | | may have to make payments to a variety of lenders |
| Nobody wants to be saddled with too much debt, | | | | until that happens, but once the consolidated student |
| unfortunately many university graduates are faced | | | | loan has been approved then you will only have to |
| with that proposition. Eventually, additional types of | | | | make one monthly payment. |
| loans will need to be considered including loans for a | | | | So, who is eligible for a government student loan |
| new car or a first home; having student loan debt on | | | | consolidation? Well, if you have at least one Federal |
| top of it all of that can make it very difficult to make | | | | Family Education Loan (FFEL) or Direct Loan that is in |
| payments on that new car or house. | | | | its grace, deferment, repayment, or default status |
| There are some options you need to know about at | | | | than you are eligible for this type of loan. In addition, |
| this point in the student loan repayment game. These | | | | you can consolidate a PLUS loan, a Perkins loan |
| options include: | | | | (provided that you also have a direct loan or FFEL |
| A Direct Consolidation Loan - Yes, chances are your | | | | loan too), and you can even consolidate some health |
| adult child's student loans are through a variety of | | | | profession loans. |
| lenders making it difficult to juggle different payment | | | | Finally, in many cases you are allowed to change your |
| due dates throughout the month. Thankfully, you can | | | | repayment plan options as time goes by. Perhaps the |
| consolidate these loans into one payment to just one | | | | standard repayment plan was working well for you, |
| lender saving the hassle of sending out multiple | | | | but you since married and had a child. You may find |
| payments throughout the month. | | | | that mortgage payments are putting enough of a |
| Variable Repayment Plans - Unlike the standard | | | | squeeze on your finances, therefore an income |
| student loan, borrowers can elect to repay their | | | | contingent repayment plan may be the best choice |
| students loans by choosing a variety of repayment | | | | for you at this time. Regardless, you have some |
| plans. If you consolidate your loan through the U.S. | | | | options available to you when you select a direct |
| Department of Education, you have as many as four | | | | consolidation loan, options that several different |
| repayment plans available to you. These plans include: | | | | student loans may not have made available to you. |
| a standard repayment plan where your repayment | | | | So, should you consider consolidating your student |
| amount stay fixed for ten years; an extended | | | | loans? That answer is "yes" if you are looking for |
| repayment plan where the monthly bill is lower but | | | | more options than what you have available to you |
| the repayment period is longer from 12 to 30 years; | | | | now and you are looking to save money, reduce |
| a graduated repayment plan where you have 12 to | | | | your hassles, or extend your repayment period. |
| 30 years to repay your loan and where payments | | | | Please visit the U.S. Department of Education's |
| bump up every two years; and an income contingent | | | | student loan site at LoanConsolidation.Ed.Gov to learn |
| repayment plan that is based upon your salary and | | | | more about the options which are currently available |
| can be spread out for as long as 25 years. | | | | to you. |