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Student Consolidated Loans – 7 Aspects To Consider & The Advantages
By Dean Shainin
Student consolidation loans are the best options for students to pay for their college fees. However, the rates may also be a burden especially if you were not able to choose the best rate for you. Before you sign up on any plan, always remember to consider the rates involved with their plans.

1. Student loan consolidation rates may vary depending on the borrower’s financial situation and credit. The monthly plans may depend on the student loan situation and the lender you choose. Some lenders can offer up to 50% lower monthly plans.

2. The lender should have simple loan payments. The main purpose of the student loan consolidation is to simplify your payments.

3. The lender should have a fixed interest rate. Most federal student loan consolidations charge interest at a fixed rate. There are options online where you can calculate the interest rates and compare it with your present student loans. You may limit your choices to the lenders that can offer you lower interest rates.

4. With student loan consolidation, you will be able to lower your monthly payment and at the same time extend your payment period up to 30 years.

5. Ask if there are in school student loan consolidation programs. These programs will help you lock your low rate while in school.

6. Evaluate which lender provides the lower interest rate. The student loan consolidation is the best option since it helps you save thousands of dollars. You should gather enough information on which lender offer new interest rates that are much lower. It is advised that you keep yourself updated with the rates that are charged by different lenders on student loan consolidation.

The Advantages of Student Loan Consolidation

In order to make simple the payment of federal student loans, it is highly advisable that you consider consolidating your loans – this is done by combining all the different types of loans you incurred. One is that federal student loan interest rates are currently at their lowest, so consolidating your loan means that the interest rate used for the whole duration of your loan is fixed.

One category you could take into consideration regarding federal student loans is availing of the FFEL student consolidation loan. This loan program helps any borrower especially students via multiple repayment schedules. Thanks to the FFEL student loan consolidation program, only one payment is made each month.

Disadvantages of availing student loan consolidations, if there are any, actually depends on you. Refinancing


student loans again depends on the borrower. The United States Department of Education does not in any way allow any borrower to refinance a student loan consolidation. But if in case a borrower has an additional federal loan that is not originally included in the loan consolidation, these debts may then be added and calculated again into a another Federal Consolidation Loan.

Here are some of the Student loans that can be consolidated:

1. SS - Subsidized Federal Stafford loans & Guaranteed Student loans (GSL)
2. DSS - Direct Subsidized Stafford loans
3. DUS - Direct Unsubsidized Stafford loans
4. DPLUS - Direct PLUS loans
5. DUCON - Direct Unsubsidized Consolidation Loan, including Direct PLUS Consolidation loans
6. US - Unsubsidized and Non-subsidized Federal Stafford loans
7. NSL - Federal Nursing loans
8. HEAL - Health Education Assistance Loans


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This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.