Federal Consolidation Loan
Federal Consolidation Loan is created by government to helps student to manage their student loans as well as reduce their financial burden after graduated. In fact the loan is not lend directly from federal government, there are many authorized lenders work for federal government on this loan. Just visit the federal government website or authorized lender's websites you will get all information.
Paying various student loans are one of the toughest things for many students, especially the one who has utilize large amount of loan. Six months after graduated, students are required to start repay their loan debt. Many of them will seek for loan consolidate packages offer by various lenders.
Take a consolidate loan during grace period will reduce interest rate significantly and last for whole life of the loan. For federal consolidate program, they may decrease around 6% of the loan for student if taken during grace period. Some agencies that provide federal loan consolidation programs even don't have credit check and any fees associate with the loan.
After acquired the loan, you should make payment on time. If you unable to repay due to any reasons should contact the financial counselor from federal government. Get them to advice & help you.
Some benefits of loan consolidation from federal government
1) No prepayment penalties
2) Fixed rate option available, interest fixed as low as 6.75%
3) Extended term with lower monthly payment
4) Deferment and forbearance scheme available.
5) Flexible repayment plan.
Check out Student Loan Guide instead of Federal Consolidation Loan for more student loans information.
Various Loans Guide for other loans information.
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