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  • Digg it UP - Organize Your Finances Through Student Loan Consolidation

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    those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these l
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    Before you decide to opt for a student loan consolidation program, let us try to understand the types of Student Loans available.

    Federal Loans

    This loan is sanctioned by the U.S. education authorities and is usually approved easily. Here are the different types of Federal loans that are eligible for student debt consolidation. However, they can be widely categorized under

  • Federal Perkins Loans
  • Stafford Loans
  • PLUS Loans

    Features

  • Federal Loans are tax deductible thereby giving you the advantage of increased cash in hand.
  • These loans offer the facility of deferred payments incase you decide to become a student again.
  • Federal Loans “might” be excused in extraordinary circumstances.
  • Federal loans come with a guarantee or reliability of the US government.

    Private Loans

    Private loans are those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these l

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    nd is usually approved easily. Here are the different types of Federal loans that are eligible for student debt consolidation. However, they can be widely categorized under

  • Federal Perkins Loans
  • Stafford Loans
  • PLUS Loans

    Features

  • Federal Loans are tax deductible thereby giving you the advantage of increased cash in hand.
  • These loans offer the facility of deferred payments incase you decide to become a student again.
  • Federal Loans “might” be excused in extraordinary circumstances.
  • Federal loans come with a guarantee or reliability of the US government.

    Private Loans

    Private loans are those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these l

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    ns
  • PLUS Loans

    Features

  • Federal Loans are tax deductible thereby giving you the advantage of increased cash in hand.
  • These loans offer the facility of deferred payments incase you decide to become a student again.
  • Federal Loans “might” be excused in extraordinary circumstances.
  • Federal loans come with a guarantee or reliability of the US government.

    Private Loans

    Private loans are those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these l

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    become a student again.
  • Federal Loans “might” be excused in extraordinary circumstances.
  • Federal loans come with a guarantee or reliability of the US government.

    Private Loans

    Private loans are those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these l

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    those that are offered by private banking institutions or specialized student loan consolidation companies for the purpose of education. The interest rates are high. It is advised that students refrain from taking these loans unless necessary. Credit history plays an important role here. If the student or his family has a poor credit rating score, the chances of getting a good deal are slim. Moreover, the interest rates and the fees are very high. In some cases 10 times higher than that charged by the Federal loan providers! Besides, unlike the federal loans, in private student loans, you will not get any tax relief.

    Criteria for Student Debt Consolidation

    Not every loan is eligible for federal loan consolidation. Here are some of the main criteria for eligibility

  • The borrower must be out of school or college
  • The federal loan repayment must have started or be in its grace period.
  • The consolidated loan amount should ideally be above $10,000.

    Advantages of Federal Loan Consolidation

    Always remember to keep federal and private loans separ

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