What is Student Loan Consolidation?Student Loan Consolidation is the combining one or more of your federal educational loans into one new loan. It designed to reduce your monthly payment, lengthening the lending time, obtain flexible repayment plan options. Under the federal program, all consolidated public loans are considered fully paid by the new loan.
How Do You Qualify for Student Loan Consolidation? In order to qualify for a Student Loan Consolidation, you must criteria the following criteria
What Loans Qualify for Federal Consolidation? Some loans that are eligible for federal student loan consolidation are as follows:
What are the Interest Rates? Federal loans have a fixed interest rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%. However, the rate will not exceed 8.25%. Student Loan Consolidation Process: 1. Evaluate Your Options: Educational Group will provide you with you Student Loan financial portfolio. Your student loan repayment options are determined by many different factors, such as amount of money borrow, family size, and your income. Consolidating your student loans can save you money. Xceed Educational Group will work with you to find a payment plan that fits your budget. We will explain all options and give you our best recommendation for moving forward. We will also give you a hand in your student loan login and PIN, as it is required that you have up-to-date information on your loans. 2. Submit Application: Educational Group will assist you in every step of the process and all the hard work will be handled for you. We will be the ones who will do all the needed paperwork, and submit your application at your go signal. This typically takes about 30 days for approval process, which time you will receive correspondence from your loan servicer. 3. Get Your Loans Paid Off: After receiving application approval, your current federal loans start getting paid off, which take up to another 30 to 60 days. We ensure you that all your chosen loans will be consolidated efficiently and easily! 4. Pay Now: Once all loans have been paid off, it time to start repaying your loans. Typically, your first student loan payment will start 30 days after the consolidation is completed. Important: Remember to keep all documents that you have received from your servicer because you may need to refer to them one day. |
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