The numbers of student pursuing studies in schools as well as colleges continue to rise and unfortunately so too are the fees that these schools and colleges charge. This causes students a lot of trouble and without resorting to applying for loans they will find that completing their education can become an impossible task. One way out for such students is to consider government student loan consolidation that helps to bring down the burden of paying a lot by way of monthly repayments on the different loans that they have taken.
Government Student Loan Consolidation Of Outstanding Loans
The aim of government student loan consolidation is to help a student consolidate their outstanding loans into a single loan that invites lower rate of interest and easier repayment terms. With the help of government student loan consolidation, students will be able to achieve greater flexibility in their loan repayment plans.
A government student loan consolidation that is amortized on a monthly basis helps to make repayment terms easier as well as lesser as the loans can be repaid over an extended period of time thereby making the entire repayment process more convenient. In addition, government student loan consolidation helps students in getting lower rate of interest this feature in fact is a good enough reason why students must avail of government student loan consolidation.
Lower repayment as well as flexible repayment terms and conditions are major reasons to think about before availing of government student loan consolidation. Sometimes, the rates may be as low as just three and a half percent and it also means making easy as well as single repayments on a monthly basis that in turn means having to write just one check each month instead of several which would be the case when you don’t consolidate your loans.
Students that have taken federal loans are the ones that are eligible for government student loan consolidation though at the same time it is necessary that they have also taken at least two federal student loans and the student’s standing vis-à-vis the loan should be good. Also, students that have taken loans in excess of ten thousand dollars can avail of government student loan consolidation. Other types of loans that qualify students for government student loan consolidation includes Stafford Loans, Perkin Loans, Federal Consolidation Loans as well as Parent Plus Loans and even HEAL/HPSL Student Loans.
It pays to also understand what benefits are available in a student consolidation loan program. Other than that, it pays to know just how to go about getting government student loan consolidation, which in fact, is really quite simple and for more information you can consult a loan counselor of your school who will inform you about the procedures to be followed. You can apply through snail mail, telephone and even via the internet.