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How do I know if I am eligible for student loan debt consolidation? |
How do I know if I am eligible for student loan debt consolidation? Student loan consolidation programs are tailor made to help students manage their debt and avoid debt default you should read this article first about being eligible before doing anything http://www.loans.tohelpyou.info/debt-con... If you are a student borrower, your education loans must be eligible for consolidation: They must be in grace, repayment, deferment, or forbearance. When you reduce your enrollment to less than half time, you automatically enter the six-month, post-school grace period. At most academic institutions, you are considered to be enrolled half-time if you are taking six or more credit hours during the semester. Check your school's definition of a half-time student. You must be in the six-month, post-school grace period or in repayment. If you consolidate your student loans at this time, your grace period will be canceled when your federal consolidation loan is issued. You will be required to begin making payments on your loan within 60 days. For some borrowers, consolidation during the grace period can be an advantage. The consolidation interest rate will be calculated by using the grace interest rate, which can be up to 0.6% lower than the repayment interest rate. Sallie Mae lets borrowers apply for consolidation while still in grace and still maintain their grace period benefits. If instructed by the borrower, Sallie Mae will hold the application and schedule disbursement on a date near the end of the borrower's grace period. By offering this service, Sallie Mae maximizes your grace period benefits. You must certify that you do not have another application for a consolidation loan pending with another lender. http://www.salliemae.com/after_graduatio... This is a very good question to be asking, most people are not really sure if they qualify for Federal Student Loan Consolidation, there are a couple factors to consider when determining if you are eligible for the Federal Family Education Loan consolidation Program. First off, have you graduated from school yet? A student is only eligible to consolidate their Federal Student Loans if they are not in In School status. As of July 1st, 2006, students are no longer eligible to consolidate their Federal Student Loans while attending school. Second, do you have a rough idea of how much debt you have in Federal Student Loans? A Student or Parent must have a minimum of $7,500 in Federal Student Loan debt to qualify for the FFELP Consolidation program. This can be a combination of Federal Stafford Loans and Federal Perkins loans. Please see the source below in order to research more on In School status for students, and a more in depth description of eligibility for the FFELP Consolidation program. http://www.studentaidlending.com/pages/2... Well contact a reputable debt consolidation company and asks about the eligibilty requirements. Its always a sure shot deal if you have more than one student loan |
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