|
With a federal
student loan consolidation, the numerous student loans acquired
throughout the years are paid off all at once and replaced with a
single fixed rate loan, often with a much lower monthly payment.
Because these new loans are replacing federal student loans, a
federal student loan consolidation must adhere to certain guidelines
as determined by the "Federal Student Loan Consolidation Program."
Qualifying for a Federal Student Loan Consolidation
Student Loan Balance
To
qualify for the added benefits under the Federal Student Loan
Consolidation Program, eligible loans must be in excess of $7,500.
Eligible loans include Stafford Loans, Perkins Loans, PLUS loans,
Health Professions Student Loans (HPSL), Health Education Assistance
Loans, and Federal Nursing Loans.
Lending Source
The
Federal Student Loan Consolidation Program requires that loans be
from multiple lenders or that all of the loans were provided through
the Department of Education's Direct Loan Program.
Loan
Status
To
meet the requirements of the Federal Student Loan Consolidation
Program, the loan must be either in its 6 month grace period
following graduation or in repayment status. The loan must not be
currently in default. If your loan is in default for non-payment,
you can qualify for the Federal Student Loan Consolidation Program
as soon as the payment is made current.
|
