Consolidating Student Loans: Find Out Best Company For Student Loan Consolidation

MARIETTA, Ga. - June 27, 2013 - PRLog -- A college education can be very expensive to obtain and it’s often necessary to take out loans to help defray the costs. After school is done, graduates should look into student loan debt consolidation options. The good folks at Credit-yogi.com have researched these choices and would like to offer some insight about them, such as:

·         Types of Loans Able to be Consolidated

·         Private Loan Merging

·         Federal Loan Consolidating

·         Requirements to Consolidate

Types of Loan Merging

If one has student loans and is considering debt consolidation, he should know what kinds of loans can be merged. The majority of federal loans are able to be consolidated, such as Direct Subsidized and Direct Unsubsidized loans, both types of Stafford loans, Direct PLUS loans and Direct PLUS loans from the Federal Family Education Loan program (FFELP), and Federal Perkins loans. He should also know what types of loans cannot be merged, such as a PLUS loan made to a dependent student’s parent.

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Private Loan Fusing

Private loans are not as easily consolidated as Federal loans, but this does not mean they can’t be fused. Interest rates on private student loan debt consolidation are based on one’s credit score, so they vary from person to person. The point of consolidating private loans is to reduce the number of payments one has to make each month. When all of his private loans are condensed, it leaves him just one payment per month, which will make his financial situation better.

Federal Loan Consolidation

As mentioned previously, student loans debt consolidation can be done. The interest rates are capped at a total of 8.25%. Be careful of those who suggest that merging one’s student loan debt can drastically lower his payments; the rates are the weighted average of all of the loans together. This means that the rates on some loans will be higher than those on his lowest rated separate loans. It also means that the new consolidated interest rate will be lower than his highest-rated loan. Just don’t expect to save thousands by consolidating; it may really be just hundreds.

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Consolidation Requirements

To enable student loan debt consolidation, there are requirements to meet. One is that a graduate must have one Direct Loan that is in either repayment or in a grace period. Another is that if the loan is in default, payment arrangements must be arranged before it can be merged with other loans. Lastly, once a loan has been consolidated with others, it cannot be reconsolidated.

Credit-yogi.com is a well-established website that brings together people who have questions regarding finances and the professionals in the field who can provide answers to them, at no charge. For a free initial conference, dial 866-964-9644.