Consolidated loans offer students the opportunity to combine all the different federal loans received into one big loan with one monthly payment. The advantage of a consolidated student loan is that you can take longer to repay your loan and have lower monthly payments. The Federal Perkins and Stafford Loans are eligible for consolidation.
To get consolidated student loans, you need to contact the appropriate department of the lender for an application. You can apply for a consolidated loan during your grace period or once you begin repayment. The interest on a consolidated student loans never exceeds 8.25% and is a fixed rate.
Because there are limited scholarships, fellowships, grants, and assistantships, all students are encouraged to apply for a loan. Loans can help pay for school, living expenses, textbooks, and other day to day things. Loans can limit the amount of stress involved in finding ways to pay for school.
