Before you get excited about the consolidated student loans, there is one important thing to note. A graduate cannot combine the private and the federal loans. If he has many loans from both groups, he can consolidate private loans and federal loans, but not together.

1. The Federal Consolidated Student Loans.

How the federal student loans will be consolidated? This happens so, that the government Kamagra Gold pays away the present student loans and will form one big loan. This operation will bring two main benefits. At the same time, the interest rate will be renegotiated, hopefully to a lower one, and the repayment time will be longer. The borrower can, if he wants, to pay away the whole loan before the timetable, so there is no prepayment penalty.

2. The Interest Rate Of The Federal Loan Is Fixed.

If a student had earlier several loans, it was a real pain to keep track on the timetables and the sums. Now after he has chosen the consolidated student loans, he has only one loan to pay for and what is important, the interest rate is fixed, so there will not be sudden surprises.

3. Can I Qualify?

Yes, but you must have a federal loan of minimum $ 10.000, to be at the grace period or repayment period, you cannot be in a default status with any of your loans, to be a permanent U.S. resident and you have not consolidated the same loans before or have gone back to school and accrued more loans to consolidate with the original consolidation.

4. What Is A Good Deal?

When you think the consolidated student loans, it is wise to ask offers from many lenders and to pick the best one from that group. After this phase you can do a comparison by putting these two alternatives under research.

You can compare the costs of the present loans with the costs of the best offer using different repayment times. And keeping in mind your own financial plan. You can also think to use the professional student loan counselor to make sure everything goes right.

5. Pick The Repayment Option, Which Fits To You.

The repayment timetable and sums depend on your decision only. You can select between four alternatives. The standard payments means the fixed monthly payments, the graduated payments mean the gradually increasing payments, the income sensitive payments mean payments, which are tied to the amount of your income and the extended payments mean that you have to pay over some minimum amount in a certain time.

Author Bio: Juhani Tontti, B.Sc., Marketing. The school loan consolidation is a good way to make more money. To consolidate student loans you have to research all the details. Visit: consolidated student loans

Category: Finance/Credit/Debt Consolidation
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