Student Loan Consolidation     

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Student Loan Consolidation is the consolidation of many student loans into one that can allow for a lower monthly payment. Not everyone will find a student loan consolidation loan that works for them. When looking for a student loan consolidation take your time and do some diligent research about what is available and how it will affect you financially. Some consolidation loans may be at a higher interest rate and you may have to make payments for a longer term.

There are a zillion sites online that offer student loan consolidation, but, really there are only a few real direct lenders than can help you. Some of these sites online just want you to sign up and then they sell your information as a lead to a direct lender and they get paid. Try to find the direct lenders yourself and avoid these middle men sites and deal with the funding source.

The government has some programs that could be useful when you are looking for a student loan consolidation loan. You will want to visit LoanConsolidation.ed.gov for further information. These are direct lenders and that is what you are wanting and looking for. Stay away from the lead collector sites and the middle men websites. It is great and easy to borrow money, but, we find that it is harder to pay it back. Take you time and find the right consolidation loan just for you.

Some of the information that you will need to provide when applying for a student loan consolidation will be your current loan balances and the names of your lenders. If you apply for a student loan consolidation loan you will need to fill out an application, promissory note, and other documentation that is asked for and required for a funding source to make your loan.

So gather all of your loan records, account statements, and bills so that you have on hand all the information you need to complete the application and promissory note, and related forms. To find the information you need to answer questions concerning the loans you want to consolidate, you can use the following resources:

your last monthly billing statement(s)
your quarterly interest statement(s) or annual statement(s)
your coupon book(s)
the Internet site of your loan holder(s) or servicer(s)
your school's financial aid office, if you are currently in school

Important Note: In the Loan Information (Education Loan Indebtedness) sections of the Consolidation application, you will be asked about your education loans. List all your education loans, indicating those you want to consolidate (including your Direct Loans) and those you do not want to consolidate. Education loans that are not included in the consolidation may be considered in determining a borrower's maximum repayment period under the Standard and Graduated Repayment Plans.

Federal Student Aid PIN

If you do not already have one, Apply for a PIN from the U.S. Department of Education Federal Student Aid Web site. The PIN will be required to e-sign and submit your application online, which is the most efficient method for submission. Alternatively, you can print and mail your application.

Consolidation Information

Before you complete the online combined application and promissory note and select a repayment plan, you can estimate what your monthly payments would be under each of the four available repayment plans using the online calculator on the U.S. Department of Education's Loan Consolidation Web page. After you have read the overview of repayment plan options, be sure to also read through the Consolidation Package you are ready to complete the online combined application and promissory note.

 

 

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