Federal Student loan Consolidation Program
If you owe Federal Student loans, you can take advantage of the Federal student loan consolidation program to get a fixed-rate refinancing of your loans. The program amalgamates your current Federal loans into a single loan. This gives your instant payment relief and future benefits. Under the Federal student loan consolidation program, you can combine several types of Federal Student loans (loans with different payment terms and from different lenders) into one new loan. You may also get a lower interest rate on one or more of your federal loans. The loan repayment period is usually extended resulting in lower monthly repayments.These will make your debts more manageable and make you less prone to default
Benefits of Consolidating Federal Student Loans
- Reduce your existing monthly loan payments by as much as 50%
- Make your financial life simpler with just a single loan repayment
- No Credit checks, No fees and No application charges
- You can reduce your existing interest rate by 0.6% if you consolidate during your grace period
Who Should Consider Consolidating?
You should consider consolidating your Federal student loans if you are currently struggling to meet your monthly payments and have used up your deferment and forbearance options. Check out the chat on our consolidate student loans page to see how consolidation might help you meet your monthly payment needs.
Are you facing too many monthly payments? Then Federal Student loan consolidation will help you manage your monthly payments better by combining all your current loans into one new manageable loan.
Do you have variable interest rates? If you have variable interest rates on you Federal student loans, you should consolidate. This will give you an interest rate which is fixed for the lifetime of the consolidated laon.
If you are close to finish paying off your current loans, it will not be worth it to consolidate so take that into consideration.
For more information on the Federal Student loans consolidation program, visit http://loanconsolidation.ed.gov or use any of the links below.