US Department of Education Consolidation: Making Repayment Easy
Not only is college education not cheap, but it has become even more expensive in recent times. Taking out a federal or private loan for the sake of a college education is an expensive and important decision, especially because the majority of students spend a major part of their lives after college paying off their loans. In most cases, students take out more than one loan and pay for them separately. Each loan has its own interest rate, which be very draining for a "fresh-out-of-college" individual, which is why it is always good to consider the option of US Department of Education Consolidation. Consolidation simplifies loan repayment by integrating numerous payments into one amount and by significantly lowering interest rates and extending the repayment period to almost 30 years. However, remember that federal loans can only be consolidated with their own kind; private loans cannot be consolidated with federal loans.
Pros and Cons of Consolidation
Here are a few things to take into account if you are considering consolidating all of your college loans:
Eligibility Criteria for Direct Consolidation
If you want to consolidate the loans you received from the US Department of Education, here is what you need to remember: