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Consolidation Loan Eligibility Rules
All FFEL and Direct Stafford Loan borrowers are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment.
PLUS loans are eligible for consolidation once they are fully disbursed.
Borrowers who are delinquent or in default must meet certain requirements before they may consolidate their loans. Contact your loan holder for more information.
To be eligible for a William D. Ford Direct Consolidation Loan, you must have at least one of the following:
1. A Direct Stafford subsidized or unsubsidized loan that will be included in the Consolidation loan; or
2. Have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.
If your current loan holder does not offer a Consolidation Loan or a Consolidation Loan with Income Sensitive Repayment terms acceptable to you, and you are eligible for Income Contingent Repayment, you may apply for a Direct Consolidation loan. In addition, if you have more than one FFEL loan, you may apply for a Consolidation Loan with any of your FFEL loan holders or through the Direct Consolidation Loan Program.
Borrowers who obtain a Direct Consolidation Loan or a FFEL Consolidation Loan while they are in the grace period on any loan that will be included in the new Consolidation Loan, or who will include one or more Perkins Loans in the new Consolidation Loan, are advised that the grace period on those loans will be immediately terminated (e.g., you will lose the benefit of having a grace period before repayment would begin).
Note that borrowers with one or more Direct Loans, including Consolidation Loans, can also consolidate under the FFEL Consolidation Loan Program if they choose.
Companies suggest that you read through the full application thoroughly and be certain of what information is required before filling anything in.
Student Loans Loans & Other Subjects
There are great advantages in availing this type of loan, the greatest and most obvious of which is that you can have total peace of mind from the very moment you get it.
Other digital Article Excerpts:
Personal Electronics
"The main problem is that, although you will make lower monthly payments, you will prolong your debt to 10, 20 or 30 years, similar to a home mortgage. If you are desperate for help then it is highly recommended you speak with debt counsellors who can assist with clearing the debt quickly and easily so that no credit card consolidation loan is needed. That means that if you have three or four children, you may not be able to finance the graduate and post-graduate school for all of them. In this context collateral is anything of value that can be mortgaged to cover part of the whole loan that the person is applying for. A school loan consolidation program is the way or method of combining all the outstanding loans one has under the umbrella of one low-interest loan. "
Ipods
"There is a myth which has taken solid roots among the public in general, that a person with bad credit rating is not eligible for any type of consolidation loan. Declare bankruptcy though this is indeed the easiest way out, many people really hate this option. Each of these aspects is a deciding factor that can help zero in on the best available education consolidation loan program. "