Direct Loans Student Loan Consolidation

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What is Meant by Private College Consolidation Loan?


If you are a student and you have outstanding loans, it is very likely that you must have heard about the possibility of availing a private college consolidation loan. As a matter of fact any person who has an outstanding non-federal education expense can avail a private college consolidation loan.

A Birds Eye View of the Merits of the Private College Consolidation Loan

The best thing is that this type of loan gives you instant peace of mind. Any and all education related debts can be consolidated into one large private college consolidation loan. A word of advice is necessary here, though. Before you go for a private college consolidation loan, check your eligibility for a federal consolidation loan. This loan will actually have better interest rates and can save you a neat bundle. A pre-requisite for this type of loan is that the applicant should be a US citizen or a permanent citizen of the USA.

You can borrow any amount between USD10,000 and USD250,000 for this purpose and this loan can be repaid in easy installments over a period of 20 long years. There are facilities which will give your application status within minutes from the submission of the request.

The interest rate consists of a primary rate which is adjusted on monthly basis, and a basic margin (this amount will be calculated according to your credit history; this may vary between 0 percent and 9.9 percent).

Good News You Can Consolidate More Than One Persons Loan

In case you did not know, you (as a parent) can consolidate loans for more than one person under one loan, provided the loans are for your children. In a similar manner, spouses too can bunch together their liabilities under the umbrella of one private college consolidation loan.

While we are on the topic, you may like to know that you can get exemption from paying the principal of the loan for as long as three years if you are a student. You also have the option of delaying these payments for up to six months after graduation or the time you choose to leave school. During this time, you can pay only the interest which can be easy on your pocket during your struggling years. You will however, need proof that you are a student to qualify for this offer.

The debt consolidation is a great way of reducing your monthly liabilities while at the same time maintaining your good credit standing.

The main advantage of a federal loan consolidation program is that you can consolidate all your public loans into one at a fixed rate.

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