FAQ about Student Loan Consolidation
You can always refer to FAQ about student loan consolidation if you are not sure where to start or how to start. If you have no experience about student loan consolidations, you must be full of questions that you need answered. Below are some of the questions you might have in your mind right now:
Where should I get information about all my outstanding student loans?
The NSLDS or the National student Loan Data System is the place where you can get practically all information you need on your outstanding student loans. The database is constantly updated so that you can only see the updated information. The data comes from various lenders, loan programs and schools, among others.
When is the best time to consolidate all my student loans?
Having multiple student loans to attend to all of the time is a burden to you financially and emotionally. Consolidation of your loans ideally should occur if you are in deferment, while on grace period or when repaying – any of these options will do. You need to carefully map out your payment plans so that you don’t shorten your payment free period.
Are there any fees I have to pay when I consolidate my loans?
If you are going for federal student loan consolidation, there are no fees associated in the process. In fact, you can pay your loans early without paying any prepayment penalties.
What is the usual time frame for student loan consolidation?
It usually takes around 1-3 months before the consolidation process is complete. This means to say that you need to continue paying for your outstanding student loans until the time a notification is sent to you that the process of consolidation has been completed.