Federal Student Loan Debt Consolidation Tips, 4 Steps To Complete Student Loan Elimination!
Learn how to get federal student loan debt consolidation relief. With the average student debt over $23,000 many are seeking help. Here is a closer look at student loan debt elimination, and tips on how you can consolidate.
For many, student loan debt consolidation is an excellent option that can help to ease the debt students are dealing with after graduating from college.
The average debt of college students is up, and this can make it even harder for students to achieve student loan elimination in a timely manner.
Although the average student debt is now over $23,000 when they get out of college, and in some cases more, there are still options available for student loan debt elimination and the consolidation of those student loans is definitely one of the best available.
Federal Student Loan Debt Consolidation
Here is a closer look at student loan consolidation, benefits of consolidating, how you can consolidate, and some tips to keep in mind as you go through this process.
Benefits of Student Loan Consolidation
When it comes to federal student loan debt consolidation, you will definitely find that there are many benefits. With the high average student debt, this can be a great course of action, especially for those who have several debts that are unpaid.
Here is a look at some of the top benefits you can enjoy when you choose consolidation as a means of student loan elimination.
Benefit #1 - One Payment - Once you consolidate, you'll only pay one payment instead of having to keep track of many different payments.
Benefit #2 - Low Interest - In most cases, you'll find that the interest rates on these consolidation loans are cheaper than the other loans you have, saving you money and help you achieve faster student loan debt elimination.
Benefit #3 - Different Repayment Terms - Usually you'll be able to get a repayment term that suits your needs, ranging from 10-30 years in most cases.
Benefit #4 - Flexible Options for Repayment - There are many different repayment options available. You can choose one of the flexible repayment options that will allow you to effectively pay off your debt.
How to Consolidate Your Student Loans
If you are interested in federal student loan debt consolidation, you will want to find out how you can go about getting a consolidation loan. Here are the simple steps you'll need to go through in order to effectively consolidate those loans.
Step #1 - First of all you need to get all the loan documents you have together. When you are consolidating, all those loans will need to be listed on the consolidation. Of course, you can choose which loans that you want to consolidate.
Step #2 - Once you have everything together, you will need to go to the Department of Education Financial Aid website and get a pin number if you don't have one already. This is needed when you sign the application online and for when the promissory note is signed.
Step #3 - You can use the online calculator to figure out what the payments will be on a monthly basis. There are various plans to choose from, so look for one that will work for you.
Step #4 - Get started with the application process. You can do this in a couple of different ways. You can easily do this application on the website, you can apply online, or you can get a paper application and fill it out and then send it in.
Tips For Student Loan Elimination
Although federal student loan debt consolidation is definitely a great option, especially with the high average debt of college student, there are a few things you need to keep in mind as you go through this process. Here are a few tips to help.
Tip #1 - Know Which Loans are Eligible - You need to know which loans are going to be eligible for consolidation. Usually Stafford Loans, Federal PLUS loans, Perkins Loans, Grad PLUS loans, Federal Direct Loans, and more are going to be eligible.
Tip #2 - Know When to Consolidate - Know when the right time is for you to consolidate your loans. Usually the best time to do this is during the grace period you have, which is six months after you graduate or you go below enrollment half time.
Tip #3 - Ensure You Get a Good Deal - There is a limit to the times you can go through a federal student loan debt consolidation. This means you want to get a great deal the first time. Ensure you compare available options to get a deal that will help you with student loan elimination as quickly as possible.
New Income-Based Repayment (IBR) Plan Now Available!
Visit www.loanconsolidation.ed.gov You may be able to combine your existing Federal education loans into one new consolidated loan that offers several advantages.
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