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Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government. Often they are supplemented by student grants which do not have to be repaid. Student’s loans are one of the fastest growing retail banking product. Almost all public and private sector banks are offering student consolidation loans at attractive rates for meritorious and needy students for studying both in India as well as abroad. Loans are available for graduate/postgraduate/technical courses; banks are increasing the flexibility of this loan in terms of payback period to attract more students. Student’s loans cover the tuition fee, hostel fee, library charges, administrative charges etc.

Student Loan Consolidation : offers students the flexibility of one lower payment each month. Your student loans will be refinanced and combined into one new loan. Even if you can make the monthly payments from your original school loans, you may still want to consider consolidating to lower your payments and free up money for bills with higher interest rates. These include credit cards and personal loans, neither of which have tax-deductible interest.

Student Consolidation Loan has become a very effective way of reducing monthly payments for those paying school loan or college loan. One can save a good amount by this. It is actually a tool that allows you to re-pay your college or school loans into one loan. There are federal consolidation and private consolidation which help you out in repaying your loan.
You can find out how much can you save by consolidating student loan. There are a lot many calculators available online to calculate your savings. Its easy enough and beneficial. So, give it a try and find out your benefits.

To qualify for a student Loan Consolidation there is a number of conditions are to be satisfied and mark fully to the student comparing to the other. Where the student loans consolidation considered for consolidation is in an in-school good and verified status then such a loan does not fall within the ambit of student or Federal Loan consolidation itself. Where a student loan is put under default category that have been programs before, then such a student loan does not qualify for consolidation.

What are the benefits of federal consolidation loans?

• Reduces your monthly payment up to 53%
• Simplified finances - you make only one payment each month
• Provides budget friendly repayment options