As with other loans, this type of aid is money that you borrow and repay interest rates. Unlike many other forms of loans student loans do not require you to start repayment till after the education was completed. There is A student loan financial assistance that is specifically designed to help students cover school-related fees. These loans cover the price of such things as living expenses and tuition, school supplies, books. Student loans are provided by a variety of resources, including online lenders, banks and the federal government. Student loan consolidation is also provided by A number of these resources.
What types of loans can be consolidated?
Federal student loans are eligible for consolidation throughout the U.S. Department of Education, which delivers a Direct Consolidation Loan which permits the combining of multiple federal education loans into a single loan at no price.
It is also possible to consolidate your student loans though you’ll lose advantages. Student loans can’t be consolidated with student loans, but they might be refinanced and consolidated through private lenders.
Both federal student loans and personal loans may be consolidated, but consolidating through creditors is called refinancing.
Most federal student loans, including the following, are eligible for consolidation:
- Subsidized Federal Stafford Loans
- Unsubsidized and Nonsubsidized Federal Stafford Loans
- PLUS loans from the Federal Family Education Loan (FFEL) Program
- Supplemental Loans for Students
- Federal Perkins Loans
- Nursing Student Loans
- Nurse Faculty Loans
- Health Education Assistance Loans
- Health Professions Student Loans
- Loans for Disadvantaged Students
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans
- FFEL Consolidation Loans and Direct Consolidation Loans (only under certain conditions)
- Federal Insured Student Loans
- Guaranteed Student Loans
- National Direct Student Loans
- National Defense Student Loans
- Parent Loans for Undergraduate Students
- Auxiliary Loans to Assist Students