What is Student Loan Consolidation?
Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans…including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well. School Loan consolidation is among the most important and advantageous financial decisions recent graduates and former students can make.
Why Do Most Students Consolidate Their School Loans?
– To lower monthly payment amounts by up to 45%
– To give them an opportunity to build their credit rating
– To make only one student loan payment each month
The Info on School Loan Consolidation Discounts.
Why Lenders Offer Loan Discounts.
The Higher Education Act of 1965 sets the maximum interest rates and fees on student loans. This helps protect loan gouging by student loan lenders,...
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