How to apply for a consolidation loan?
First, try to find out which type of consolidation loan you are interested in, either private or federal. Once this is decided try to search for companies that offer good deals. Find out their terms and conditions, their interest rates, monthly paying procedures and other eligibility criteria. • How does loan consolidation work? Once the consolidation loan is approved from the consolidating company, all the remaining amount which you are liable to pay is paid to your lender with the total balance rolling over into one consolidated loan. The end result is that you have only one fixed-rate loan to pay. • How to determine the eligibility? If all the loans are in grace, repayment or in deferment/forbearance, one may be eligible for loan consolidation. Loans that are in an in-school status cannot be consolidated until graduation is complete or the student has left school. • How to consolidate loan with the grace rate? You can consolidate your loan during the grace period. It is important to
