Instead of making payments on multiple federal student loans with variable interest rates, borrowers who take out a Federal Consolidation Loan combine their qualifying federal education loans into a single loan with a fixed interest rate. There are no credit checks, application fees or prepayment penalties for a Federal Consolidation Loan.
In addition, borrowers may have the option of repaying their Federal Consolidation Loan over an extended period of time (up to 30 years). This could potentially lower a borrower's monthly payments by as much as 60 percent and help free up funds for day-to-day living expenses.
Applying for a Federal Student Loan Consolidation is easy and may be done over the phone with the borrower's personally assigned Education Finance Advisor.
Student trained consultants can help answer any questions parents or students may have and will help walk them through the federal student loan consolidation process from start to finish.
Posts
