STUDENT LOANS THAT CAN BE CONSOLIDATED

Federal government consolidate student loan and parent PLUS loans can be consolidated. This means that loans you took out from the government can be consolidated which will save you and your parents a lot of money. Some of these student loans include Federal Stafford Loans, Perkins Loans, Health Professionals Student Loans, Federal Consolidation Loans, and Nursing Student Loans. Consolidate student loans in order to save money and pay off your loans faster.

Loans that cannot be consolidated include loans that you took out as personal loans, college or university loans, or other types of personal loans. When you consolidate student loans, you will have to report the names and address of all lenders so that the loans can be checked. Consolidate student loans that were issued by the government only. You must also meet the minimum amount of $7,500 in order to consolidate. If all of your loans combined do not reach this amount, then you may not be allowed to consolidate them. There are exceptions which include military service, disability, and financial hardship. Once you have consolidated your student loans, you will be able to choose your repayment terms. This will also save you money each month when repaying your loan.