student loan consolidation
Global Doc Prep strives to provide all the possible help you need to pay back your student loan. One of the most helpful options in this regard is student loan debt consolidation. It allows you to combine all your student loans and pay them back as a single loan. That makes it more manageable and affordable. We offer expert advice and help with student loan consolidation.
Student loan consolidation provides individuals with the ability to combine all of their student loans into a single new loan. Consolidation makes the loans more manageable. With consolidation, you can streamline your bill payment process, get an extension in your repayment term, enjoy a lower interest rate, and a lower monthly payment.
Almost all federal loans and most private loans can be consolidated. However, there are certain eligibility requirements that must be fulfilled in order to enjoy the benefits of student loan consolidation.
Why Should You Consolidate Your Student Loans?
There are several reasons why student loan borrowers should consider consolidating their student loans. The key benefits of student loan consolidation include:
Simply the Repayment Process
Single monthly payment is one major advantage of student loan consolidation. By combining your loans, you can consolidate the multiple monthly payments in a single payment.
Enjoy a Lower Interest Rate
Interest rate for the consolidated loan is based on the average interest rate of the loans that are consolidated. You may acquire the consolidated loan at a lower interest rate if your existing student loans have a variable interest rate.
Extend the Repayment Term
With student loan consolidation, you can extend the repayment term of the consolidated loan. This is particularly useful to individuals who are facing financial difficulties at the moment and want more time to repay their student loans.
Choose an Alternate Repayment Plan
Student loan consolidation allows you to choose a repayment plan that complements your income such as extended repayment plan, graduated repayment plan, and income contingent and income sensitive repayment plans.
Federal Student Loan Consolidation
Student loan consolidation allows you to combine multiple federal student loans into a Direct Consolidation loan. Almost all the federal student loans can be consolidation, including:
- Supplemental loans for students
- Subsidized and unsubsidized Stafford loans
- Subsidized and unsubsidized direct loans
- PLUS loans from the FFEL program
- Health education assistance loans
- Federal Perkins loans
- Federal nursing loans
- Direct PLUS loans
Eligibility Requirements for Federal Student Loan Consolidation
In order to consolidate your student loans into a Direct Consolidation loan, you must fulfill the following eligibility requirements:
- The loans that you want to get consolidated must contain at least one FFEL program loan or a Direct loan.
- You must make repayment arrangements with the lender if you want to consolidate a defaulted loan. Otherwise, you must choose an income based, pay as you earn, or income-contingent repayment plan for your consolidated loan.
How to Apply for Federal Student Loan Consolidation?
An individual can apply for federal student loan consolidation once they have graduated from school. If you want to apply yourself for federal student loan consolidation, you can fill the Direct Consolidation Loan Application. The application is available in both electronic and paper form. You may also choose to get assistance of some company such as the Global Doc Prep..
How Global Doc Prep Can Help You?
Student loan consolidation can be extremely helpful to individuals who want to manage their federal loans in an easy and convenient way. It can also help students in reducing their federal loan debts by combining all their outstanding loans into a single loan at a lower interest rate.
Global Doc Prep serves students and other people in building a sound financial future. We help our customers by providing them accurate and detailed information about various student loan forgiveness and consolidation programs. Our mission is to help students achieve a debt-free future.
If you want to get out of your debt or want to manage your federal student loans in a better way, contact us and we will deliver you the best advice to help you organize your finances and loans. Call us at (888) 538 2201 if you want to tackle your loan debts.