How to Consolidate Student Loans

Student Loan Consolidation is becoming more of an important issue as more and more college students are being forced into student loan debt in order to pay the high cost of college tuition. After graduation your Student Loans may go into repayment right away or there may be a grace period depending on your lender. The easiest way to get your payments under control is with a student loan consolidation.

Difficulty: Easy

Instructions

1. 
    
   Student Loans

   The first step to consolidating your student loans is to know who your lenders are.
   When filling out financial aid paperwork students' are given a choice of lenders. If you have taken out a student loan every year, you may have more than one lender. There is also a difference between Federal Student Loans and Private Student Loans. Gather up all your paperwork from your last four years of college and write out a list of all your lenders, the amounts you owe and whether your loan is a Federal or Private Student loan.

2. 
    
   Student Loans

   Know which student loans are eligible and which are not.
   
   According to the Federal Student Aid website the following are some of the student loans are eligible for consolidation;
   
   Subsidized Federal Stafford Loans
   Subsidized Federal Consolidation Loans
   Guaranteed Student Loans (GSL)
   Unsubsidized and Nonsubsidized Federal Stafford Loans
   Unsubsidized Federal Consolidation Loans
   Direct PLUS Consolidation Loans
   Federal Perkins Loans
   Parent Loans for Undergraduate Students (PLUS)
   
   Loans that are not eligible for consolidation are;
   
   Loans made by a state or private lender and not guaranteed by the federal government
   
   Check their website for more details.

3. 
    
   Student Loan Consolidation

   To be eligible you must have a qualified loan in repayment, grace, deferment or default status. Remember, even if your loan is currently in default you can still qualify if you have made satisfactory repayment arrangements. You can apply online, over the phone or fill out a paper application. Just visit the Federal Student Aid website or any other qualified student loan consolidation lender.

Resources

• Student Loan Consolidation

[AdirondackTrina]

on 10/5/2009 Great tips on consolidating loans, and great website! I'll keep checking back!

[emmysgreetings]

on 10/4/2009 Very useful information! Good job... ;)

[samsons]

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[askapeach]

on 10/2/2009 Expert advice! Great resources too!

[teresasmall]

on 10/1/2009 You have a lot of great information. My youngest just started college and I know your articles will come in handy. Thank you.