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A federal student loan consolidation program allows a consumer/student who has more than one student loan (undergraduate and/or graduate studies) to merge some or all of the loans into one single loan, usually with better overall interest rates, [url=http://www.sidegemeinde.com/peutereyoutlet.php]peuterey outlet[/url] terms and conditions. Before discussing in detail the process of student loan consolidation it is important to be familiar with the commonly used terms as well as important points of student loan consolidation.

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Consolidating Student Loans and Credit Rating


Student loans are categorized as credit transactions. This means that it can be included in credit reports, and lie every information there, any default will be considered a negative mark on your credit rating. Therefore consolidating loans before they fall due is an effective way to maintain and/or repair your credit rating.


Consolidating [url=http://www.teatrodeoro.com/hollisterde.php]hollister deutschland[/url] Student Loans: Interest Rates


As a general rule a student loan consolidation provides fixed interest rates computed using the weighted average loan rates rounded to the nearest.125%. Now in most cases this is no different than the loan rates however take note that it requires the interest rates to be fixed rather than adjustable. [url=http://www.corsodiesperanto.it/peuterey.php]peuterey outlet[/url] This in itself is enough reason to opt for student loan consolidation.


Consolidating Student Loans: Federal Loans


There are generally three types of Federal loans. [url=http://www.corsodiesperanto.it/woolrich.php]woolrich outlet[/url] The term federal is indicative of the fact that these loans follow federally mandated minimum requirements and are subsidized by the federal government. These loans are:


1. Federal Stafford Loan: The most basic type of federal [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour pas cher soldes[/url] loan available to students regardless of actual financial need and is available for both undergraduate and graduate studies.


2. Federal Perkins Loan: The most advantageous type [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] of loan both in loanable amount and interest rates. However this type of loan is reserved to undergraduate and graduate students who show exceptional academic achievements and actual financial hardship or need.
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3. Federal Plus Loan: A [url=http://www.corsodiesperanto.it/moncleroutlet/]moncler outlet[/url] privately funded student loan type that does not have a limit rather it is limited by the [url=http://www.par5club.com/louboutin.php]www.par5club.com/louboutin.php[/url] consumer's immediate out of pocket college costs after all other financial aid programs have been exhausted.


Consolidating Student Loans vs. Student Loan Rehabilitation


Both terms are not the same, the former describes a new loan used to pay for previous student loans while the latter describes an arrangement with the lender to remove [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] the default status by applying for rehabilitation and making nine payments on time and within twenty days of the installment due date.


Consolidating Student Loans through Credit Unions


A credit Union is a nonprofit organization that provides loans for its members. The fact that it is run not for profit means the interest rates should be reasonably lower. Tip, find a co-signor and remember that most credit unions allow a co signer to be removed from liability if the principal borrower makes timely payment for 12 straight months.


Consolidating Student Loans: Reference Websites


Do not attempt to consolidate student loans without browsing through the websites of the following agencies:


1. Federal Direct Student Loan Program (FDLP)


2. Government Accountability Office (GAO)


3. National Student Loan Data System (NSLDS)


4. Federal Student Aid

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