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Information about Federal Student Loan Consolidation:*

 

How Do I Benefit from a Student Loan Consolidation?
Student loan consolidation allows borrowers to combine one or more of their federal education loans into a new loan that offers several advantages.

How to consolidate into one Monthly Payment?
With only one lender and one monthly payment due for student loans, it is now easier than ever for borrowers to manage their student loan debt. Borrowers have only one lender, the U.S. Department of Education, for all loans included in a Direct Consolidation Loan

What are flexible Consolidation Repayment Options?
Borrowers can choose from multiple repayment plans with various term selections to repay their consolidation loan(s), including an Income Contingent Repayment and an Income-Based Repayment Plan. These plans are designed to be flexible to meet the different and changing needs of borrowers. With a student consolidation loan, borrowers can switch repayment plans at anytime. If you select the IBR Plan and want to change at a later date, your only option will be the Standard Plan.

What is the Minimum or Maximum for Student Loan Amounts?
There is no minimum amount required to qualify for a Direct Consolidation Loan or Student Loan Consolidation program.

What are Reduced Student Loan Monthly Payments?
A consolidation loan may ease the strain on a borrower's budget by lowering the borrower's overall monthly payment. The minimum monthly payment on a consolidation loan may be lower than the combined payments charged on a borrower's Federal education loans. There is no easier way to find out if you qualify for a student loan consolidation.

Should I consolidate my student loans?
6 reasons why you should consolidate your student loans:

  1. Are your student loan monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, a Direct Consolidation Loan may help you. Apply Now for a free pre-approval.
  2. If you send payments to more than one lender every month, and want the convenience of a single monthly payment, consolidation may is right for you. With a Direct Student Consolidation Loan, you will have a single lender - and a single monthly payment.
  3. How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay but reducing your overall monthly payments.
  4. How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments
  5. Falling delinquent on your student loan payments? In this case it is important that you apply now and complete the consolidation ASAP.
  6. Income has been reduced? When your income reduces e-student loan offers its clients numerous of income based programs tailored to meet your needs. Apply Now for a free no obligation quote.

What types of student loans are eligible for consolidation?**

What are Unsubsidized Loans?***

What are Eligible Federal Perkins Loans?***

Who is not eligible for Student Loan Consolidation?***
Student cannot consolidate if loan status indicates "in school," in judgment or garnishment status, or is a private loan.


Not sure what your Student Loan rates are?
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What is the Public Service Loan Forgiveness program?***
Through the College Cost Reduction and Access Act of 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this student loan program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time under a certain public service employers.

With the Student Loan Forgiveness Program, borrowers must make 120 monthly payments on their eligible federal student loans beginning after October 1, 2007 before they qualify for the loan forgiveness, the first cancellations of loans balances will not be granted until October 2017. Apply now to find out if you are eligible for a student loan forgiveness program.

What types of public service jobs will qualify for Student loan forgiveness?***

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