Consolidation Loan Eligibility Rules

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Consolidation Loan Eligibility Rules

"It is highly recommended that you try any of the above points before trying to obtain a mortgage debt consolidation loan because while a loan will clear any arrears, it doesnt cost anything to speak with the lenders or release equity so try these options first and if you then dont succeed, try and try again, someone will be willing to help."

Consolidation Loan Eligibility Rules

Consolidation Loan Eligibility Rules

All FFEL and Direct Stafford Loan borrowers are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment.

PLUS loans are eligible for consolidation once they are fully disbursed.

Borrowers who are delinquent or in default must meet certain requirements before they may consolidate their loans. Contact your loan holder for more information.

To be eligible for a William D. Ford Direct Consolidation Loan, you must have at least one of the following:

1. A Direct Stafford subsidized or unsubsidized loan that will be included in the Consolidation loan; or
2. Have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.

If your current loan holder does not offer a Consolidation Loan or a Consolidation Loan with Income Sensitive Repayment terms acceptable to you, and you are eligible for Income Contingent Repayment, you may apply for a Direct Consolidation loan. In addition, if you have more than one FFEL loan, you may apply for a Consolidation Loan with any of your FFEL loan holders or through the Direct Consolidation Loan Program.

Borrowers who obtain a Direct Consolidation Loan or a FFEL Consolidation Loan while they are in the grace period on any loan that will be included in the new Consolidation Loan, or who will include one or more Perkins Loans in the new Consolidation Loan, are advised that the grace period on those loans will be immediately terminated (e.g., you will lose the benefit of having a grace period before repayment would begin).

Note that borrowers with one or more Direct Loans, including Consolidation Loans, can also consolidate under the FFEL Consolidation Loan Program if they choose.

The result of this poor planning often is a lot of extra debt, possibly from several different sources.

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Loan Consolidation Articles:

Personal Loans Private Loans
"The loan process is an easier task which has been made simple to help guide students through their studies so they dont have to worry about whether or not they have been accepted for a consolidation loan."
"This is becoming a much more popular option for homeowners throughout the world because instead of obtaining a mortgage debt consolidation loan, you are able to release some of the equity that is tied up in the property which you will normally obtain when a house has been sold."
Student Loan Repayment Plan
"Should I Apply For A Home Debt Consolidation Loan?"
Understanding The Student Consolidation Loan Application Process
"Citizen and that all payments on previous loans have never become overdue and there are no arrears outstanding."
Why A Secured Consolidation Loan Is A Good Choice For You
"Many people have become a runaway success with the help of a business debt consolidation loan taken at the right moment."
Points To Consider When Arranging A Personal Debt Consolidation Loan
"If you have any queries about companies general restrictions then these are usually posted on their website but if there is anything you are unsure about, then dont hesitate to ask; all advice is on a no-obligation basis."

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Many times they are genuine, but there are cases where fake companies will entice you into applying for a loan to bail you out, only to later find out that you are actually in bigger trouble than before.

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