So many loans! What can students consolidate?
The first rule of thumb to remember when it comes to student loan consolidation is to never mix federal and private loans!
This is important because one cannot put private loans into a federal loan consolidation. Another reason is if students put
federal loans into a private consolidation loan, they would lose all the low interest benefits. The best way to keep all
the loans into the proper consolidation is to approach the federal loans first. When those have been properly put into a
federal student loan consolidation, then it is safe to tackle the private loans. Keeping organized is the most important
aspect when working with financing as it can affect students for the rest of their lives.
Sounds great! But can students use student loan consolidation for their loans?
Lets take a quick look at what makes borrowers eligible to consolidate their loans. Students should consider if the loans
are still in grace, or if they are still making payments on the loans, or if the loans have been deferred or put into default.
These various loans could have been issued at different award times during the college term and at different rates that were
prevalent at the time. As long as the student consolidation loan has a nice fixed, steady rate, students are bound to save