What is student loan consolidation?
The main principal of consolidation is to combine multiple loans into one payment with new terms and conditions. Most students have a combination of both federal and privately funded loans. Because of the nature of the repayment options, you cannot consolidate both types into one payment. You can, however, consolidate each one separately, leaving you with a maximum of two monthly payments.
As for federal loans, most students have four or more federal loans by the time they graduate from Expression College. Students typically have trouble managing and making each loan payments for each loan taken out. One solution is to consolidate your federal loans.
The following tabs will guide you through the understanding of the federal consolidation loan process and how to consolidate your federal loans.
As for private loans, please call your private lender. They may or may not have a consolidation program.
Information compiled from Federal Direct Consolidation Loans website.
Toperario 2/2010
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