Consolidate Federal Student Loans
How Consolidation Can Help You
The importance of a college education cannot be overlooked anymore. In fact, if you have been looking at most of the entry level jobs, you will realize a college degree has become an absolute necessity. When it comes to paying for college, many students take out loans in order to help cover the ever-increasing costs of tuition, books, and other expenses. Most students, however, are stumped when it comes to paying back the money they have borrowed. If you are like the thousands of other students having trouble with your student loan, you can Consolidate Federal Student Loans. By applying for consolidation, you can combine the amounts of all the loans you have taken into one single loan. What’s more, the period for repayment is extended for quite a bit, resulting in an overall lower rate of interest and lower monthly payments. At the end of the day, if you Consolidate Federal Student Loans, you can make it much easier on yourself to pay back the money you owe, without having to put every single thing you earn, or own on the line.
How to Apply for Consolidation
Before applying for consolidation, it is important to make sure that you meet the eligibility requirements. These requirements vary between student loans, but usually require the loan be current or less than 270 days delinquent. The first step when it comes to applying for consolidation is getting organized – items such as the application, introductory letter and promissory note must be prepared in advance. You can also check the requirements for consolidation applications online and check the latest interest rates. In order to Consolidate Federal Student Loans you can either apply online and E-sign a Promissory Note, or you can print out the application and other required forms and then complete and mail them. Once you apply, the application receives an identification number which can be used to track its progress online. Filed applications are reviewed, before being verified from the original lender, following which the Direct Loan Servicing Center contacts you and offers the relevant information for repayment. Most applications are processed in 60-90 days.