Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
Student loan consolidation is a hot, popular method whereby a student or a parent can essentially combine and refinance several federal student loans into a single consolidation loan. This can simplify loan repayment, allow you to obtain a lower interest rates than when the loans were originally taken out. In this way, you can decrease your monthly payment and possibly the repayment period as well. The following federal student loans are eligible for student loan consolidation: >>
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