Getting a personal loan to finance student debts allows you to combine all federal student loans into one loan with one single monthly repayment. These payments are considerably lower than those required for the normal ten-year payment option. Through the FFEL (Federal Family Education Loan) Program all banks, credit unions, and other types of lenders can offer this loan. The federal government also provides this loan through the Direct Loan Program (William D. Ford Federal Direct Loan).
Federal education style loans can be granted eligibility to be included into such a debt consolidation loan. This applies to unsubsidized and subsidized FFEL Stafford and Direct Loans, Perkins Loans (federal), Nursing Loans (federal), SLS, and Health Education Assistance Loans. However, any privately funded educational loan is not considered eligible for this.
You should get a hold of the Direct Loan Origination Center’s Consolidation Department to get more information on what type of student loans are eligible for this debt consolidation loan. This is something you would be well advised to look into, especially if you have a direct student loan. You should also...
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