Apr 21 2016
Student Loan Consolidation
Why is student loan consolidation?
Do you have multiple loans and you need to get all your loans to be consolidated into a single loan? Well the constitution allows you to consolidate your loans so that you do not have any problems in the future. The student loan consolidation allows you to combine all your loans into a single loan that has a single repayment plan along with a single interest rate and all the features of the multiple loans are scaled to find the right features for the single loan. Let us see how you need to go about the student loan consolidation.
Prepare for the student loan consolidation:
Make a list of all the application forms that you have a loan against. You will need to compile all this data and fill out an online form which will take you 30 minutes to complete. After this comes the repayment plans if your student loan consolidation is a success. You will need to check the various plans and choose the right plan that will suit you. There are online calculators if you find a need to calculate the interest rates of the combined loans. You have the choice of changing your consolidation plan at any point of time if your consolidation is a success.
Apply for the student loan consolidation plan:
Make sure that you complete the whole process in a single session since your information will not be saved if you navigate away from the application. After doing this you need to choose a servicer who will facilitate these services for you. You have the choice to choose a federal loan servicer which will complete the consolidation process. You need to verify the repayment process whenever you want to send your application for a consolidation.
Tracking your student loan consolidation plan:
After submitting your application, you will get a confirmation letter from the servicer in the next couple of business days. You will also get to review and check the status of your student consolidation plan on the respective website. You will also receive updates from your servicer regarding the following details:
- You will receive a notification when your sent application is received by us. This email will be sent to you in a couple of working business days.
- You will also be notified if you any action is required on your part for the student loan consolidation process.
- An email will be sent to you when the process is completed.
The main objective of getting your student loans consolidated is so that the students do not have any problems in repaying off loans. Tracking and payment of multiple loans is tedious process. The student needs to keep track of the various installments that needs to be given every month. The government understands this and that is why the students have the option to repay the entire loan amount through a single loan. Students will face lesser grievances through this procedure.