Student Loan Consolidation Services (Getting Ready to File)
Many companies that provide student loan consolidation services have websites that are easy enough to navigate. These sites usually feature applications and promissory note options that can be pretty straightforward. Even with the relative ease presented by these student loan consolidation services, you will need to know what to have prepared when you begin the application process. You cannot just sit down at the computer and expect to have a loan done with a little personal information and a few clicks of the mouse. The consolidation lenders will be looking for specific information before they approve your consolidation loan.
Have on Hand
The student loan consolidation services company will have a number of questions that need to be answered. Much of this information will be in your current student loan package. You need to gather the following paperwork before you begin the application if you want to get it done all in one shot:
- Your most recent billing statement
- You quarterly or annual interest statement
- Your repayment coupons
- The name of your school’s financial aid office (if enrolled)
- The website of your loan’s holder or servicer
You should have as much information about your loans as possible before you start. You need to have the above information for all of the loans you plan to consolidate. Keep in mind that you should always separately consolidate your federal and private student loans. You should also be aware of what loans are and are not eligible for consolidation by student loan consolidation services.
Eligible Loans– there is usually no problem consolidating these loans when they have current status
- Direct Subsidized and Unsubsidized Loans
- Federal Subsidized and Unsubsidized Federal Stafford Loans
- Direct PLUS Loans and Federal PLUS Loans
- Direct Consolidation Loans and Federal Consolidation Loans
- Guaranteed Student Loans
- Federal Insured Student Loans
- Supplemental Loans for Students
- Auxiliary Loans to Assist Students
- Federal Perkins Loans
- National Direct Student Loans
- National Defense Student Loans
- Health Education Assistance Loans
- Health Professions Student Loans
- Loans for Disadvantaged Students
- Nursing Student Loans
Ineligible Loans– these loans are always ineligible for federal consolidation
- Primary Care Loans
- Law Access Loans
- Medical Assist Loans
- PLATO Loans
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