Eligibility For A College Loan Consolidation

By Adia O'hara


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.

http://www.aboutstudentloans.org/

Article Source: http://EzineArticles.com/?expert=Adia_O'hara