Consolidation loans are available for both students and parents during the grace period or after loans enter repayment. Loan consolidation for students is no longer available while they are attending school. Parents can consolidate PLUS loans at any time. Before consolidating a student loan, take time to see if the consolidation will be beneficial. Certain lenders offer private student consolidation loans for students with private education loans. Consolidation loans are available for almost all federal student loans.
Advantages for Student Loan Consolidation
One of the largest advantages for consolidating student loans is access to alternate repayment plans beyond the standard ten-year term. Consolidation loans often reduce the monthly payment amount by extending the term of the loan beyond the ten-year repayment plan. Loans can be extended from 12 to 30 years, depending on the loan amount.
Student loan consolidations may give the borrower an opportunity to lock in a low interest rate for the life of the loan.
- Consolidation Dept Loan
The Direct Consolidation Loans Web Site-this U.S. Department of Education web site provides information to borrowers, schools, and loan holders. Borrowers can apply ...
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