When you are thinking about student loan consolidation, you are probably worrying about how the loan officials figure out your interest rates. Your eligibility is the first thing that is looked at. The school will look at the original principal loan and subtract whatever payments that you have made. This will determine your eligibility of what kind of student loan consolidation you can have an exactly what loan programs you qualify for. After this determination the school will look at your balance toward subsidized or unsubsidized loans and how much you have previously borrowed.
The outstanding balance in both types of loans sets your loan rate. the process in which the school determines eligibly for student loan consolidation is simple. First the school will review the borrowers consolidation paperwork. Here your outstanding balances and the payments made will be weighted together to give them a framework in which to judge. Your student loan consolidation will be either accepted or denied according to the financial information that you provide your school. Here it will be determined if you have the right information and you truly qualify for the loan.
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