07.31.07 | Is there a fee?
A common misconception with student loan consolidation is that lenders charge some sort of fee if you consolidate your loans with their company. There are NO fees to apply or receive a Federal Consolidation Loan. This is because federal regulations do not permit lenders to charge borrowers a fee. It costs you nothing to set this up AND there is no credit check. Students with bad credit or no credit can apply. You do not have to give any guarantee of income.
Applying for student loan consolidation is a fairly straightforward process. The borrower is required to fill out an application form. The eligibility specifications are the following:
Borrower must have over $10,000 is federal student loans.
The borrower must be out of school or under half time.
Loans must not be already consolidated.
You can not be in a default status on your student loans.
Once an application has been accepted, a statement containing all the important information such as payment plan, payment schedules, etc. is sent. To learn more or apply, contact a Student Loan Network Counselor toll-free at 877-328-1565 or apply online.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
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