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Who Should Consolidate Their Student Loans?

For most people, student loan consolidation can dramatically improve your financial situation. Find out if student loan consolidation is right for you.

Qualification Requirements

Before you apply for student loan consolidation, you want to make sure you’re eligible. The people who will benefit the most from student loan consolidation will be done with school (graduated or dropped out), have two or more loans to consolidate, and have student loan debt of at least $15,000. Here are the basic eligibility requirements:

  • Never previously consolidated student loans
  • No longer enrolled in school more than half time
  • Are in repayment or a grace period on student loans (grace period usually lasts six months after you leave school)

Who Can Consolidate

Many people think only undergraduates can take advantage of student loan consolidation. In reality, anyone, including parents, can benefit from student loan consolidation. Anyone in the following categories can consolidate:

  • Students with federal loans
  • Students with private or alternative loans
  • Graduate students with Grad PLUS loans
  • Parents with PLUS loans or private education loans
  • Students with specialty health profession/nursing federal loans

Federal vs. Private Student Loan Holders

Student loan consolidation doesn’t just apply to federal loans. Borrowers with federal and private student loans are eligible for student loan consolidation. For people with federal student loans, federal student loan consolidation can help you combine your loans into one payment with a fixed rate for the life of the loan. For those with private student loans, private student loan consolidation can offer many of the same benefits as federal consolidation. If you have both types of loans in your portfolio, you can take advantage of both federal and private student loan consolidation. Keep in mind that you can also use private student loan consolidation for your federal loans, but you will lose all federal borrower benefits in doing so. In general, federal loan consolidation tends to offer better rates and terms because it is backed by the federal government. Remember that a private lender will issue your consolidation loan, regardless of whether it is private or federal.

Is Student Loan Consolidation Right for You?

Student loan consolidation makes sense if any of the following describe you:

  • You’re struggling to make your monthly student loan payments
  • Your student loans have higher interest rates than the current market rates
  • You would like additional time to repay your student loans
  • You’re tired of the hassle of making multiple student loan payments each month

If you’re ready to start relizing the savings that comes with student loan consolidation just use the form on the right to get started. It’s quick, it’s easy, and best of all - it’s free!