Consolidating Federal Family Education Loans – FFEL
There are many families with kids that are availing multiple student loans just to make their way to college and with the volatility of the economy they are put at risk of being haunted with several bills that they might not be able to meet. If you are jobless at the moment, paying off the student loans may be too much to handle. However, consolidating federal family education loans – FFEL is available through debt relief program and you will see there are several benefits that you can get through this method.
Debt relief programs allow you to combine all the multiple student loans granted to you so that you are only going to be financially responsible to one lender. You will only pay to one lender, get single monthly bills and ultimately make it easier for your family to handle and manage your debt.
What are the advantages of consolidating federal family education loans – FFEL?
- You only need to pay one principal amount that is charged with a single interest rate thus your monthly due may be lower
- You can divide the amount to be paid monthly among your family members who are able to make a contribution, which makes it even more manageable than it should be if you are going to shoulder the payment single handedly.
- You can attain payment scheme flexibility, which you could work out to be advantageous to you. You can choose among the four options on the payment scheme namely – graduate repayment, extended repayment, income contingent repayment and the standard repayment.