The student loan consolidation rate offered by federal student loans is much lower than private student loans, and although most private student loans are not very cheap, it is usually replaced with one or more college consolidations. The benefit is that it reduces the single monthly payment.

Private student loan consolidation with graduate school loans involves integrating both into a single loan which involves better and lower interest rates as well as easy monthly repayment by increasing the term of the loan.

This benefit is applicable even if the private as well as college loan are of different types and involve more than one lender.

Criteria of eligibility for loan application:

Students need to be the age of 18 years and above to apply for the loan

Have a private student loan of a minimum of $10,000 in US

Is in a position to repay the private student loan at the time of applying

US citizen or permanent resident (eligible non US citizen)

Sound credit standing

Should be under repayment phase of student loans

College loan consolidation

College loan consolidation helps in reduction of monthly installments and help in extending the repayment period from 10 years to as much as 30 years.

Benefits:

Reduction of monthly installments

Reduction of student loan consolidation rate by as much as 5.375%

Enjoy the benefits of a borrower

various bills into one comprehensive monthly payment

Lack of penalties if repayment is done in advance

Better credit scores

Loan interest is deductible from Federal Income Tax Return

No added expense or fee

Studying full time in an institute

a loan grace period or debts (within six months from finishing school)

Having no other loan consolidation.

http://www.aboutstudentloans.org/

Article Author :Adia_O’hara