Consolidating federal graduate student loans

A loan of any kind is a serious financial undertaking, and the informed student is in a much better position to find the most beneficial loan package available.

Many people are understandably hesitant to borrow money.

If you secure a Stafford Loan or Perkins Loan, upon completion of your studies you may be eligible for loan consolidations that will allow you to extend your repayment schedule from 10 years to 30 years while securing a locked in low interest rate.

In accordance with Congress' Higher Education Act both the Stafford and Perkins loan programs offer student loan forgiveness options that are available to graduating students who enroll in public service programs or take positions teaching in low-income school districts.

If you have your eye on Perkins financing, the keys to winning a loan are filing early and meeting federal financial aid eligibility requirements.

The Federal Government metes out funds directly to colleges and universities for some campus-based aid programs; including Perkins Loans.

Individual colleges evaluate your financial aid needs based on information you submit to the government.

Families with annual incomes below ,000 usually qualify for Perkins Loans.

The controlled lower interest rates mean lower monthly payments and students are often eligible for extensions or deferments on repayment periods.

Another added benefit of low interest student loans is the subsidized nature of many federal student loan programs.

Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.

In the process of consolidation, each original loan is paid in full and a new Direct Consolidation Loan is originated for the combined balance of the consolidated loans.

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