Student Loan Consolidation

Student Loan Consolidation – Taking the First Step

Upon graduation, right after celebrating and mailing out resumes to prospective employers, you may want to consider student loan consolidation. For recent graduates, squaring away your loans will give some needed peace of mind. Having some predictability in your expense budget  lets you focus on growing your career.

If you graduated some time ago and have been feeling overwhelmed by multiple loan repayments, you too can take advantage of student loan consolidation. Juggling payments of varying amounts, possibly making payments to multiple lenders are just a few of the hassles and inconveniences we can all live without.

Student Loan Consolidation – Which Loans?

Student Loan ConsolidationThe United States Department of Education’s Office of Federal Student Aid lists these types of loans as eligible for consolidation:

  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • Direct PLUS Loans
  • Federal Perkins Loans
  • Federal Nursing Loans
  • Health Education Assistance Loans
  • PLUS loans from the Federal Family Education Loan (FFEL) Program
    • Subsidized Federal Stafford Loans
    • Unsubsidized Federal Stafford Loans
    • FFEL PLUS Loans
    • FFEL Consolidation Loans
  • Supplemental Loans for Students (SLS)

Private education loans are not eligible for consolidation. Loans made to parents on behalf of a dependent student are also not eligible for consolidation.

Consolidation Requirements

It’s important to remember that your loans must be in good standing with your current lender before they can be considered for consolidation. That means the loans must either still be in their grace period or their repayment must be current.

If you have a loan that is in arrears, arrangements must be made with the current lender to remedy the situation.

Prior student loan consolidations can usually only be re-consolidated if you have additional loans to add.  As with any financial process regulated by federal law, there are exceptions and special circumstance rules.

Call Student Loan Relief Service today and get started with the professional consultation you need to navigate the process.