Consolidation FAQ - Student Loans

There are many questions asked by students when they apply for a consolidated loan. Some of these questions involve the period for which the loan will be available, the rate of interest and other mind boggling questions. However if students needed to gain answers to these questions it is always necessary to contact a student loan website in order to satisfy all the queries to your questions.

A consolidated student’s loan provides variety of loan services in just a single loan that the student is going to take. It provides incentives to the student so as to enable him to pay the loan over a stipulated period of time with a fixed amount of interests.

There are various frequently asked questions (FAQ) that arise when students want to apply for a consolidated loan. Some of these questions can be as follows-

1. What is included in the consolidated loan? - Since the consolidated loan is a combination of more than two loans it is necessary to know the different types of loans that are available. Private loans and Federal loans are the combinations in the consolidation loans.

2. What is the rate of interest? - Banks such as Citibank provide fixed and variable interests rates. The rate of interest depends upon the term of the loan that the student will be applying for. The longer the period of the loan the lesser the rate of interest.

3. What are the eligibility requirements? - For most student loans the eligibility requirements are that the student has to be 18 years and above and must have a combined income of $18,000.

4. How does one apply for the loans? The loans can be applied online in the site that one has visited. The application for the loan can also be downloaded from the website.

These are just some of the questions that students encounter while applying for the consolidated student loans. However, it is necessary that the student choose the loan amount depending upon the study period.

By Mary Foster


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