Written by Studentdoc Editor
Higher Education and School Loans
The easiest way to reduce your student and school loan debt is to consolidate student loans. School loan consolidation results in lowered debt and payments if the average interest after consolidation is lower than it is before. This is really just refinancing one or a group of federal student loans, at a lower interest rate - just as refinancing a mortgage loan at a lower interest rate would reduce monthly payments and the total amount paid.
There are two basic kinds of school loans - private and federal. Federal school loans are almost always at a much lower interest rate than you could get for an unsecured private school loan. Because of the nature of the federal loans, you should never consolidate both private and federal loans into a single private loan. Because only federal loans carry government backing, they can be refinanced at a much lower interest rate than can privately financed school loans. So when you come to consolidate school loans, do the federal loans together then look at consolidating your private student loans.
References and Links
1. Student Loan Consolidation - General information and eligibility information for student loan consolidation, with lenders and other student loan companies
2. Consolidate Federal Student Loans - Details on federal student and school loans, with resources and student loan comapny lists for consolidating your federal student loans.
What types of loans can be consolidated? Most federal student loans, including the following, are eligible for consolidation: Direct Subsidized Loans
Direct Consolidation Loans - Welcome!!!
Official home for borrowers, schools and loan holders. Provides publications, FAQs, a glossary and the application for Federal consolidation.
Direct Consolidation Loan - Borrower Services
Official Federal loan consolidation application page from the Department of Education featuring a three-step process. Includes tips, rates applying for a PIN and e
Student Loan Consolidation - Debt.org
Learn about consolidating your student loans, differences between federal and private student loan consolidation, repayment plan options, and forgiveness.
Student Loans: What to Consider Before Consolidating
College students relying on student loans to pay for college can easily graduate with 16 or more separate loans. Plan to borrow for graduate school, too?
Student Loan Consolidation-Consolidate Private Student ...
With a Wells Fargo Private Consolidation SM loan, you can combine multiple private student loans with multiple payments into one loan with a single payment, or
Get Help with Federal and Private Student Loan Consolidation
Consolidation can help cut your monthly student loan payments and simplify your finances. Get started here to learn about your consolidation options.
StudentLoans.gov
Exit counseling provides important information you need to prepare to repay your federal student loan(s). Consolidation Loan allows you Your Student Loans;
School Loan Consolidation - StudentDoc
Higher Education and School Loans. The easiest way to reduce your student and school loan debt is to consolidate student loans. School loan consolidation results in
Should You Consolidate Your Student Loan Debt? - US News
Should You Consolidate Your Student Loan Debt? If keeping track of several student loans is giving you a headache, consolidation might cure it.