A Students Consolidation Loan is thus which can simplify the loan repayment process by allowing the borrower to combine many types of federal student loans and repayment schedules into one.
The repayment process is simplified because only one payment must be made each month. Often, the interest rate on the Consolidation Loan is lower than what is currently paid.
Even if a borrower is in default on a federal student loan, they might be eligible for a Consolidation Loan if certain conditions are met.
Note that a lender may not refuse to consolidate your loans because of
1. The number or type of eligible loans the borrower wants to consolidate.
2. The type of school attended or presence in the type of institute.
3. The interest rate that would be charged on a consolidation loan.
4. The types of repayment schedules is available.
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