10.19.06 | What Types Of Loans Can I Consolidate??
I’ll be the first to admit that it can be difficult to understand what types of loans can be federally consolidated. In fact, that is a pretty common question asked by our customers… So here is a quick run-down of what can be included:
- Stafford Loans – both Subsidized and Unsubsidized
- Federal Direct Stafford Loans – Subsidized and Unsubsidized
- HEAL/HPSL Student Loans
- Parent PLUS Loans
- Federal Direct Parent PLUS Loans
- Federal Consolidation Loans (when consolidated with another Stafford Loan)
- Federal Direct Consolidation Loans (when consolidated with another Stafford Loan)
- Perkins Loans
- Nursing School Loans
The most important factor to remember, is that all of the above listed loans, aside from the ‘already consolidated’ loans will remain at a variable interest rate. Consolidation will fix that rate, lower the monthly payment, reduce the rate further with borrower benefits, and therefore save you a bunch of money. And yes… the payment is lower each month because the term of repayment is stretched out. However, without any penalties for early or extra repayment – you can make bigger payments and pay off the loan sooner when it becomes affordable.
For more details, or to find out how much you can save, call 877.329.1565 – or visit StudentLoanConsolidator.com
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