When you take out student loans for college, at some point you are going to have to pay them all back. In most cases you’ll be able to put off payments until you are done with school, but then you’ll suddenly be left with various payments each month. Suddenly dealing with all of these payments can be financially taxing, but there are some options available to make things easier for you.
Many people choose to consolidate their student loans so they only have one payment and a lower interest rate. Instead of dealing with many loans, this allows you to only have one loan, and in many cases you are able to get a lower payment, which is helpful when you’re just getting started in the work world.
If you are considering consolidation, you may be wondering what loans you can consolidate if you are going for an Education Loan Eligibility program. Here is a list of some of the loans that can be consolidated with the federal student loan consolidation options.
– Perkins Loans
– Federal Grad PLUS Loans
– Federal PLUS Loans
– Stafford Loans
– Federal Direct Loans
– Auxiliary Loan to Assist Students
– Federal Supplemental Loan for Students
– National Direct Student-Loans
– Health Education Assistance Loan
– Loans for Disadvantaged Students
These are just several of the loans that you can consolidate with a federal student loan consolidation, which can make things easier for you financially. Consolidating your loans can definitely be a great option, but just remember that not all loans are going to qualify, such as private loans. Private loans have to be consolidated separately instead of under federal consolidation programs. Check with lenders before you make a move to ensure you can get all your loans consolidated to make repayment easier for you.
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