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Federal Consolidation Student Loan

A good education is an important part of your financial future.  To get that education, many students turn to federal loans.  After graduation, however, they may find it difficult to repay these loans and keep up with day to day living expenses as they get started on their new careers.  A federal consolidation student loan may be the answer.

A federal consolidation student loan requires a certain amount of research.  You will want to start by finding out whether or not it is worth your time to apply.  If you do not meet the eligibility requirements, applying is just a waste of time.

To qualify to consolidate federal student loans you can no longer be enrolled in school (which is generally defined as being enrolled in school less than half time), you have to be in the “grace period” of the loan or actively repaying it, and meet the minimum loan requirement of the consolidation company, which typically is $10,000. 

Federal loans have different rules than private loans, and offer some advantages.  The interest on federal loans is tax deductible, the loan can sometimes be forgiven, and payments can be deferred if you go back to school.  If you have both federal and private loans, consider consolidating them separately so that you do not lose the benefits of the federal loan.  Some companies can do this, and then combine your federal consolidation student loan into one monthly payment to make it easier on you.  By only having one payment, you can manage your budget and finances easier and get everything paid off in a reasonable amount of time.

Loan rates are often around 3-4% so you can save money with consolidation.  And since about half of college students take out student loans, you will be in good company.  Like all other forms of debt these loans can influence your credit and future purchasing abilities, so it is important to get the debt paid off as soon as you can.  Student loan debt that exceeds 8% of your income is seen negatively on your credit report, and can affect your chance of qualifying for future loan amounts.  In order to protect your credit score, you have to start taking steps now and making wise credit decisions.

Interest rates, fees, and the repayment schedule should be clear to you so that you can compare loans accurately when your ready for a federal consolidation student loan.  You should also take the time to understand all of the terms of the loan before signing on the dotted line.  If you take the time to research online, you may find that some places will have online applications, no application fees, or waive credit checks.

These loans can stay on your credit report long after your graduate, so making good decisions now and understanding how student consolidation loans work and affect your credit can make the difference for the future.  Knowing what you need to do and how to do it to keep your credit report in good health will keep it from becoming a problem for you later on.

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