Government Student Loan Consolidation
All student with federal student loan are eligible for Government Student Loan Consolidation. Consolidated loans is the hot topic for students now, they are searching a way to manage the debt as much as possible.
In truth, students might taken more financial assistance from federal government and private lenders. Because the loan offer by federal government might not enough for the whole education live. Beside the education costs, other expenses such living, transport, course materials are not taken into account.
Finding a way to get rid of heavy financial burden become a trend among new generation.
Requirements of Government Loans Consolidation
1) Student who are still under the six months grace period
2) Must have more than 1 Federal Loan taken.
3) Have made 3 month fully payments on time and all loans being consolidated.
Tips for Government Loans Consolidation
1) Fully understand the extended period, repayment extended will significantly reduce monthly payments. Despite the repayment term prolonged, in fact you probably pay up more for interest increase.
2) Never consolidate your federal loan into private loans, because you will lose many benefits associate with federal loans. Find out the benefits from federal loans from relevant websites.
3) Compare the benefits offer by current lender and the loan consolidate lenders. Many cases shown that originating loan lender will offer a better rate. Nevertheless you may use the offer by other as a guideline to bargain with your originating lender.
4) If you planned to further your study, you can defer your repayment with federal loan. While the private loan lender will not permitted.
Beside loan consolidation, there are many programs organized by federal government to offset the loan debt. Such being a teacher for primary school, joining armed forces and etc. Search the relevant information from websites of federal government.
For more information, please check out Federal Student Loans instead of Government Student Loan Consolidation
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