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School Consolidations Loan,
Student Loan
Information & Resources
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What is
School
Loan Consolidation? Consolidation Loans
combine several student or parent loans into one bigger loan from a
single lender, which is then used to pay off the balances on the
other loans. It is very similar to refinancing a mortgage.
Consolidation loans are available for most federal loans, including
FFELP (Stafford,
PLUS and SLS), FISL,
Perkins, Health Professional
Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans.
Some lenders offer private consolidation loans for private education
loans as well. A School Consolidations Loan / Student Loan Debt
Consolidation is among the most important
and advantageous financial decisions recent graduates and former
students can make.
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When to Consolidate Your Loans?
There are no deadlines in the
Federal Consolidation Loan program. There are several things
to keep in mind, however, regarding when to consolidate.
Your loans must be fully disbursed to be eligible for a
Federal Consolidation Loan. They also must be in their grace
period or in repayment (including deferment or forbearance).
It is best for you to
consolidate while your Federal Stafford Loans are still in
their grace period, when they still have the lower in-school
interest rate. Use any of our resources to learn more about
consolidating your current school loans or to learn about
applying for a new federal or private loan. |
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Browse our
Financial Aid /
Scholarships Books |
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Additional School
Consolidations Loan, Student Loan Information |
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What is
FAFSA? The
FAFSA, or Free Applicaton for Federal Student Aid, is
the first step in the financial aid process. In order to
qualify for a student aid loan you will need to complete
the FAFSA application. The FAFSA online application will
ask income history and other important information.
After submitting the application, it will be processed
by the Department of Education. Once they have
determined what aid you qualify for, you will be sent a
Student Aid Report (SAR). An electronic copy of your SAR
is also made available to the schools you've listed on
your FAFSA. The Student Aid Report will show what types
of aid you qualify for, including federal and state
grants, such as the Pell grant, Stafford loans, and
parent loans.
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Resources |
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