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Study loan consolidation can help new graduates who are overpowered with student loan debt. If you have Fed student loans you’ll want to look into the Fed. government’s loan consolidation programme. This program was implemented to help individuals to be well placed to consolidate multiple college loans into one. Over time, this program has helped many school graduates save time and money. Let’s take a look at the way in which the programme works. If you are looking to consolidate your federal student loans you will need to fill out an application on line, or send it in the mail to see if you qualify.

To qualify you need to have a mixed total debt of $20,000 or even more on your Fed loans and not be in default on any of them. You do not however must be employed, have collateral or need a co-signer to get approved. For most graduates the process is simple and takes about 60-90 days. When you are approved you’ll enjoy various benefits. First you will have simplified finances.

You will no longer have multiple loans showing up in your mailbox each month. With your student loan consolidation you may also enjoy a reduced regular payment occasionally as much as a 50% reduction. This is as you’ll be able to stretch your loan repayment out over a term of nearly thirty years. This will allow you to have a budget friendly payment which can often be extremely useful for recent graduates. You can now use your monthly savings to pay for other daily costs.

As an added bonus it will also improve your credit report. There are some further benefits that you will also like. There are no costs to set up your consolidation loan, and no costs to repay your loan early. You may also, under certain circumstances, defer your loan for a term of thirty six months. If you choose to return to school full time you may also be able to put your loan in deferment.

As you can see study loan consolidation is a great way to help manage your debt. If you have recently graduated and are attempting to make all those monthly student loan payment, you will most definitely wish to file an application today.