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Student Loan Consolidation Network Student loan consolidation
has become a practical option for repayment of college student loans. |
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Higher Education Act Student Loan Consolidation Program
The Higher Education Act (HEA) provides for a loan consolidation program
under both the Federal Family Education Loan (FFEL) Programs and the Direct
Loan Program. Under these programs, a borrower’s loans are paid off and a
new consolidation loan is created. These programs simplify loan repayment by
combining several types of Federal education loans (that may have different
terms and repayment schedules or may have been made by different lenders)
into one new loan. The interest rate may be lower than on one or more of the
underlying loans. In addition, the monthly payment amount on a consolidation
loan is usually lower and the amount of time to repay may be extended beyond
what was available in the separate loan programs. These features should
result in more manageable debt and should make borrowers less prone to
default.
Student Consolidation Loan -
Benefits
Student Consolidation Loan - Lenders
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