Purpose of consolidating student loans
But, these are always like dream for the students having less financial abilities as the higher education needs you to have some money for managing the academic expenses.
This becomes really impossible to carry out the personal expenses even if a student manages the academic expenses....
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
Here at United Sudent Loan Aid we help people consolidate their student loans every day.
You may be eligible for principal reduction, loan forgiveness, or a complete loan discharge depending on your individual circumstance.For students with little or no credit history, we strongly suggest that you apply with a qualified co-signer to increase your chances of being approved.A qualified co-signer may also help you secure a lower interest rate on your private student loan.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.