| Student loan consolidation can provide financial relief to | | | | loan payments in full; being current on all loan |
| graduates carrying multiple college loans. Graduates | | | | payments; and waiting six months from the date of |
| can consolidate both federal and private education | | | | graduation before applying for a consolidation loan. |
| loans to reduce interest rates and monthly payment | | | | Post graduates with Sallie Mae financing must apply |
| amounts. | | | | for consolidation loans through a conventional lender. |
| Most people use student loan consolidation to eliminate | | | | At present, Sallie Mae is no longer participating in the |
| multiple payments. This can be particularly helpful for | | | | federal loan consolidation program due to legislative |
| medical and law school graduates who often have six | | | | cuts made by Congress. |
| or more loans. Upon graduation, students must allocate | | | | Students with Sallie Mae education loans can obtain |
| funds to cover each installment as well as keep track | | | | counseling with a repayment specialist to find out |
| of multiple payment dates. When post graduates | | | | which refinancing options exist. Student loan payment |
| submit late payments they are subjected to late fees | | | | program details are provided at |
| and run the risk of damaging their credit rating. | | | | When borrowers consolidate education loans they |
| There are several factors to consider when | | | | must apply for a new loan to pay off outstanding |
| consolidating college tuition loans. It is a good idea to | | | | student loans. Nearly all private and federal loans can |
| conduct research or work with a financial consultant to | | | | be consolidated including: Perkins, Stafford, Direct, |
| weigh the pros and cons of college loan consolidation. | | | | Guaranteed, and Health Professional. |
| The Internet can be a good source for understanding | | | | The U.S. government offers a sponsored student loan |
| the intricacies of consolidating loans, as well as to shop | | | | consolidation program for graduates who obtained |
| and compare lenders. | | | | financing through Direct Loans. This program is a good |
| Students with both subsidized and unsubsidized loans | | | | choice for students with bad credit because applicants |
| will have different needs than graduates carrying one | | | | are not required to undergo credit checks. Program |
| type of financing. Although subsidized and unsubsidized | | | | details are provided at LoanConsolidation.ed.gov. |
| loans can be consolidated, lenders must consolidate | | | | Last, but not least, post graduates should research loan |
| the two using two separate loans in order to track | | | | consolidation alternatives such as forbearance |
| payment transactions. However, borrowers will have | | | | programs, tuition deferment, and student loan |
| one monthly payment and lenders contribute | | | | forgiveness. Debt forgiveness programs are available |
| appropriate amounts to each account. | | | | to graduates who hold degrees and obtain |
| Graduates must meet lending criteria in order to | | | | employment in public service fields such as education, |
| consolidate federal student loans. Eligibility criteria | | | | medical and law. Loan consolidation alternatives are |
| involves having an adequate FICO score; paying three | | | | presented at CollegeScholarship.org. |