Here are a few easy and simple tips and facts to help you out if you have made the choice (or are thinking about making the choice) to consolidate your student loans.
First, Learn the basic requirements for consolidating your student loan debt… simply take some time to research the topic. For instance did you know that you ou must have at least $20,000 in federal student loans for federal student loan consolidation?
Second, all of your student loans must be in your name; you can no longer consolidate loans with a spouse.
Third, remember that your private student loans can not be consolidated under federal consolidation.
Fourth, You do not need to worry about your current income situation. Your current employment is not necessary to qualify for a student loan consolidation.
Fifth, You don’t need collateral or a co-signer in oder to consolidate your student loans.
Lastly, Check current student loan consolidation interest rates and compare them to the rates you are currently paying. If there is a large discrepancy between them, this may affect your decision (i.e. student loans at 3 percent interest are better than a consolidated loan at 5 percent).
Tags: consolidation, federal student loans, Private student loans, student loan debt, student loans
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