ue to the current economic climate, many lenders are no longer participating in Federal Loan Consolidation. Currently, the only outlet for loan consolidation is through the Federal Direct Loan Consolidation program. However, you should be aware that consolidation is not the only way to access long term repayment options. Students have the ability to extend repayment for up to 25 years without consolidating. Borrowers should consider all of their repayment options before jumping into consolidation. The following is a brief overview of repayment options available to students.
There may be situations when consolidation could be an appropriate solution to dealing with student loan debt.
Even if you have not previously borrowed through the Federal Direct Loan program, you may be eligible to consolidate your loans through the Direct Loan program. To find out more about consolidation with Direct Loans, visit the Direct Loan Program Consolidation web site. Before a borrower consolidates their student loans they should ask the following questions of themselves and their consolidation company.
Borrowers should remember that student loan repayment is a long term relationship. You must be conscious of the decisions you make about your student loan repayment to ensure that the relationship is beneficial.
If you have any questions regarding if consolidation is right for you, please contact the Student Financial Services Office for assistance. We can be reached at 314.977.9840 or email@example.com.