are there any lenders that do federal student loan consolidation? not private loans?
Saturday, January 2nd, 2010 at
2:17 pm
chrissy asked:
it seems like there aren’t any lenders that do federal student loan consolidation programs. Are there any out there? not private loans.so far it seems like the dept of ed has ended other programs. please help
thanks Ruth. Can you ask your relative if it was a federal loan?
New question, is it possible to debt consolidate federal student loans?? so there’s debt and then student loan consolidation.
it seems like there aren’t any lenders that do federal student loan consolidation programs. Are there any out there? not private loans.so far it seems like the dept of ed has ended other programs. please help
thanks Ruth. Can you ask your relative if it was a federal loan?
New question, is it possible to debt consolidate federal student loans?? so there’s debt and then student loan consolidation.
Tagged with: Consolidate Loans • Federal Student Loan • Private Loans
Filed under: Student Loans
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I believe I read that you can not consolidate federal student loans.
Why would you want to? For convenience?
If you consolidate with a bank, you will only pay higher interest rates.
Convenience will never be worth that much money.
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If you haven’t noticed it, education costs don’t come cheap nowadays. Many students are taking loans to support their way through college. It seems to settle their problem for the time being but things will start to get difficult when they graduate. They are already in debt before they even earn their first dollar. The tips below are to show you why you should consider the student loan consolidation.
This is by far the best reason for you to consider taking the loan consolidation. It is possible to reduce your monthly payment by 40% – 50% when you make a research on the lenders. Imagine freeing half of the financial load being lifted off your shoulders. You will feel that the air is lighter and your life is not just about paying for loans.
has a lot of good info on student loans.
This is a great article on student consolidation loans:
Always refer to this website before making a choice.
There are two main forms of debt consolidation available to consumers. The first involves qualifying for and taking out a loan for the amount necessary to pay off all your credit card or other consumer debt balances in full. After applying for and being approved for a debt consolidation loan, the newly borrowed funds go directly to pay off all your debt. In many cases, your credit accounts that were in good standing are allowed to remain open, which can help your credit score considerably by showing that you have much available credit. The benefits are the simplification of multiple credit card bills into one, manageable monthly payment. The even greater benefit of debt consolidation loans is the reduction of the interest rate you will pay. For example, if you are currently paying 13% to 23% on several accounts, and a new debt consolidation loan gives you a 9% interest rate, you will save money and pay your debts off more quickly.
The second type of debt consolidation refers to using a credit counselor, or intermediary to negotiate with your creditors on your behalf. In this scenario, you debt is not necessarily consolidated (though it can be), but your total amounts are settled with the creditors. In this case, you may satisfy a debt in full by only paying a portion of it, but you may pay for it with your credit score if the account is closed.