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Steps To Take For An Education Loan Consolidation
Michalis 'BIG Mike' Kotzakolios



An education loan consolidation is a great avenue to pursue when trying to save money on student loan payments. An education loan consolidation takes multiple student loans and finances them into a single, bigger loan. This takes the hassle out of keeping track of separate loans.

Before you pursue any education loan consolidation, the first thing you must do is to take inventory of every single one of your existing student loans. The National Student Clearinghouse has a website that can help you with this task. Their URL is http://www.nslc.org. Loans can be consolidated with a bank or credit union which is a member of the FFELP, Federal Family Education Loan Program. You can also contact the U.S. Department of Education directly. Keep in mind that if all your student loans are from a single lender, you will have to take out your education loan consolidation with that lender. It is advisable to stay away from telemarketers who sell education loan consolidations. A legitimate education loan consolidation never requires any up-front fees. If you find that an education loan consolidation lender asks you to remit a credit check or application fee, immediately terminate your dealings with that lender and find another.

With few exceptions, federal loans can be consolidated. Consolidation can take place while you’re still enrolled in school, during the six months following graduation or a change in status from a full-time student, and during the time you’re repaying the loan. In general, you will find lower interest rates when consolidating while you’re still enrolled in school or during the six-month grace period. In order to qualify for a consolidation while still enrolled, you must ask the lender for early repayment status. By doing so, you’ll lock in a lower rate but waive your grace period. However, you can still have your payments deferred by requesting an in-school deferment so that you won’t have to begin payment on your loan until you graduate.
There are a few rules you need to be aware of before consolidation. First, consolidating your student loans is unlike consolidating or refinancing other debt such as credit cards and mortgages. You can only consolidate student loans once, whereas other types of loans can be refinanced any time without limits. Second, a minimum balance of at least $7,500 is usually required by lenders. Third, it is completely up to the student to find a consolidation loan lender. Check with your school’s financial aid office for a list of preferred lenders. You can also check http://www.finaid.com which offers a list of lenders that provide a variety of student loans, including consolidation loans.
Before pursuing an education loan consolidation, analyze your current loan situation to see if a consolidation will benefit you.



BIG Mike is a well known author, developer and Adsense expert as well as the owner of Niche Maniacs - a unique Adsense Marketing System designed to build long-term passive income streams from Adsense, YPN, Chitika and other PPC services.


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