Eligibility For A College Loan Consolidation

Private Student Loan Consolidation

The student loan consolidation rate offered by federal student loans is much lower than private student loans, and although most private student loans are not very cheap, it is usually replaced with one or more college consolidations. The benefit is that it reduces the single monthly payment.

Private student loan consolidation with graduate school loans involves integrating both into a single loan which involves better and lower interest rates as well as easy monthly repayment by increasing the term of the loan.

This benefit is applicable even if the private as well as college loan are of different types and involve more than one lender.

Criteria of eligibility for loan application:

* Students need to be the age of 18 years and above to apply for the loan
* Have a private student loan of a minimum of $10,000 in US
* Is in a position to repay the private student loan at the time of applying
* US citizen or permanent resident (eligible non US citizen)
* Sound credit standing
* Should be under repayment phase of student loans

College loan consolidation

College loan consolidation helps in reduction of monthly installments and help in extending the repayment period from 10 years to as much as 30 years.

Benefits:

* Reduction of monthly installments
* Reduction of student loan consolidation rate by as much as 5.375%
* Enjoy the benefits of a borrower
* various bills into one comprehensive monthly payment
* Lack of penalties if repayment is done in advance
* Better credit scores
* Loan interest is deductible from Federal Income Tax Return
* No added expense or fee
* Studying full time in an institute
* a loan grace period or debts (within six months from finishing school)
* Having no other loan consolidation.

By Adia O'Hara

Check out the Related Article : Student Loan Debt Consolidation - An Overview