October 10, 2008, Newsletter Issue #89: How To Consolidate Student Loans

Tip of the Week

The process to consolidate you student loans will vary depending on whether you are doing it through the Department of Education Direct Loan Servicing or a private lender. Often the process may start by reviewing the criteria in place to see if your loans will even qualify to be included in a consolidation. While a consolidation loan can include all federal student loans, some programs require a minimum loan balance or a minimum number of loans be included. There also may be a requirement that you already have an existing relationship with the student loan servicer. Typically the loan consolidator will offer options to borrowers regarding automatic payments (electronic debit); incentives for timely monthly payments; and, repayment plans.

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