Consolidation Assistance
Currently, direct consolidation loans are the only type of governmental student consolidation loan.
Operating under Direct Loan Consolidation Program, you can successfully consolidate Federally Insured Student Loans (FISLs), Supplemental Loans for Students (SLS), Subsidized as well as Unsubsidized Stafford Loans, PLUS Loans, Health Education Assistance Loans (HEALs), Perkins Loans, Direct Loans, and any other kind of federal student loan.
Loans that are not government guaranteed, for example private or state loans, are not eligible for consolidation. You can consolidate with Direct Loans during grace periods, once you have entered repayment, or during deferment or forbearance periods and well as special individualized circumstances.
Previously, consolidation was available to borrowers while they were still in school, but the Congress amended their laws and eliminated this right back in 2006 as well as the ability to do joint consolidation for married couples.
Consolidation enables you to pool all of your loans together in one easy to manage loan and make just a single monthly payment.
Through an extension of the loan repayment period, consolidation can significantly help by lowering the amounts of your monthly payment installments.
With multiple loans you may have variable interest rates, consolidating this into one debt will lock in one interest rate. Another significant advantage of consolidation is that it is one way to get you out of default and back into the current repayment plan.
From a report released by College Access and Success, more than 75% of college seniors who graduated in the year 2011, had a total loan debt of about $26,600, the amount varies depending on what type of school you went to (public or private) and how much you had to take out based on what you were able to pay during your study years. Having multiple loans spread out over different borrowers can add to the anxiety of overwhelming student debt.
The Benefits
We make the process of consolidating your student debt into a single payment extremely easy. By doing this, you can effectively lower your monthly payments as early as your next installment is due. Sometimes this can extend the total amount of payments but oftentimes Graduate Resource can get into new alternative repayment plans that won’t affect the lifetime debt payment numbers.