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School Loans
Applying for a Student Loan
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School Loan Consolidation |
Schoolloan | Student Loans.org | School Loan.com | FFEL
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SchoolLoan Consolidation or Refinancing
refers to applying for a School Loan
intended to replace an existing student loan.
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School Loan Consolidation Benefits
Direct
Consolidation Loans
allow borrowers to combine
one or more of their Federal education loans
into a new loan that offers several advantages.
One Lender
and One Monthly Payment
With only one lender and one monthly bill, it is easier than ever for
borrowers to manage their debt. Borrowers have only one lender, the
U.S. Department of Education, for all loans included in a Direct
Consolidation Loan.
Flexible Repayment Options
Borrowers can choose from four different plans to repay their Direct
Consolidation Loan, including an Income Contingent Repayment Plan.
These plans are designed to be flexible to meet the different and
changing needs of borrowers. With a Direct Consolidation Loan,
borrowers can switch repayment plans at anytime.
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No Minimum or
Maximum School Loan Amounts or Fees
There is no minimum amount required to qualify for a Direct
School Consolidation Loan! In addition,
school loan consolidation is free.
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Varied
Deferment Options
Borrowers with Direct Consolidation Loans may qualify for renewed
deferment benefits. If borrowers have exhausted the deferment options
on their current Federal education loans, a Direct Consolidation Loan
may renew those deferment options. In addition, borrowers may be
eligible for additional deferment options if they have an outstanding
balance on a FFEL Program loan made before July 1, 1993, when
they obtain their first Direct Loan.
Reduced Monthly Payments
A Direct Consolidation Loan may ease the strain on a borrower's budget
by lowering the borrower's overall monthly payment. The minimum
monthly payment on a Direct Consolidation Loan may be lower than the
combined payments charged on a borrower's Federal education loans.
Retention of Subsidy Benefits
There are three (3) possible portions to a Direct Consolidation Loan:
Subsidized, Unsubsidized and PLUS. Borrowers retain their subsidy
benefits on loans that are consolidated into the subsidized portion of
a Direct Consolidation Loan. |
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Sources: Wikipedia, FCIC, Department of Education and other public sources.
School Loan Consolidation |
Schoolloan | Student Loans.org | School Loan.com | FFEL
SchoolLoan Consolidation or Refinancing
refers to applying for a School Loan
intended to replace an existing student loan.
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