Student loan consolidation schemes are of two main types. The two types include Federal loan consolidation and private loan consolidation. I have found that many students are not aware about the consolidation schemes. Hence I am going to briefly touch upon these topics. The federal consolidation will enable you to reduce your monthly payment by about 53% while the private loan consolidation scheme offers reduction in interest rate.
Let me now briefly summarize the requirements for federal loan consolidation.
- The interest rate for the scheme changes on July 1 every year
- The FAFSA pin number consisting of 4 digits
- Complete details of your loan that includes the information about the service provider, amount you currently owe and payment date
- Complete list of loans that you want to get consolidated
- Carefully select the most convenient form of repayment plan which includes standard, graduate, extended, income-contingent or income sensitive, and income based
But if you are enrolled in a half time or greater school, you may not be eligible for a federal loan consolidation scheme. Nevertheless, you can look at other types of consolidation schemes.
There are a number of banks available that provide such consolidation loan schemes for students. You can also get a free quote from the banks on application. The internet has made it simpler. The online application form is hassle free and gives complete information. Besides, simplified application process the website also provides expert counseling.
So if you are looking for an online portal that could help you with student loan consolidation schemes, simply log on www.india-classifieds.in and view the services section.
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