This Frequently Asked Questions part will assist you with some answers to your Student Loans Consolidation questions.

1. What is Student Loans Consolidation?

A Federal Consolidation loan is a repayment alternative for student loan borrowers. It's made to do the education loans repayments more comfortable by combining active eligible federal education loans into one new loan with a limited interest rate and a smaller monthly payment. Consolidation is a little bit of a misnomer since a single loan can also be "consolidated" to take advantage of greater loan terms.

2. Why should I consolidate my current student loans with Student Loans Consolidation Service?

Because you would like to lock up your rate, reduce your monthly payment, and make the best of Student Loans Consolidation discounts. Student Loans Consolidation Service provides a full and immediate online student loan service. You just enter your information into our easy-to-use web form, electronically sign your note and we instantly start processing your loan.
As well as the process is incredibly quick and simple, we also provide some of the most aggressive student loans interest rates and many borrower benefits available. If you would like to fix a low rate for the lifetime of your student loan and lower your monthly payments to the lowest possible payment then Student Loan Consolidation Service is your best choice.

3. Are there any other costs or payments associated with consolidation?

There are absolutely no fees or hidden costs of any kind associated with a Student Loans Consolidation. There are no closing prices, prepayment penalties, or credit checks.

4. When can I consolidate?

you are able to apply for consolidation anytime after you've graduated or left school. Additionally you may also be able to consolidate your loans if you're in school less than half time or if your loans have previously been in repayment.

5. What loans are qualified to consolidate in the federal student loan consolidation program?

Stafford Loans, Plus Loans, Consolidation Loans, Perkins Loans, Heal Loans, NSL Loans, HPSL Loans and Direct Loans.

6. Can I consolidate my loans with Graduate Loan Associates if I'm in default on my student loans?

Yes and no. You are able to consolidate only the loans that are not in default. You must 1st cure the defaulted loan in order to place it into the consolidation.

7. What are the advantages from consolidating my student loans?

The advantages from consolidating consist of:

9. What will my rate be?

The interest rate is consisted of a weighted average of your current rates rounded up to the closest 1/8th of a percent point, fixed. Then if all of your rates were 3.5% your weighted average would be 3.5%.

10. What are rate deductions or borrower discounts?

Frequently called "incentives" or "borrower benefits", these discounts are earned reductions in your interest rate. At Student Loan Consolidation Service, we offer a rate reduction of .50% if you arrange auto-debit payments. We also provide a rate decrease of 1.5% if you make your first 24 uninterrupted monthly payments on-time and keep up payments to avoid being delinquent.

11. I have consolidated my loans in the past. Can I consolidate once again?

The term "consolidate" intends to take two or more items and arrange them together and so the answer is no, unless you have more eligible Federal Education Loans to assemble with it. However, you are able to refinance your loan with a lender who provides Borrower Benefits which can lower your rate for doing electronic and on-time payments.

12. When can I await my 1st bill for my consolidation?

The payments are generally due within 30-60 days of the funding day.

13. How long does it take after I have submitted my application to consolidate my student loans?

Depending on how fast your lenders get back to us with the payoff amount. It could take from 4 weeks to 10 weeks. Ordinary time is 6-8 weeks

14. Do I keep federal benefits if I consolidate my student loans with Graduate Loan Associates?

You keep benefits such as Deferment, Forbearance, interest tax deductibility, and the Death and Disability Benefit. As well, if you've subsidized and unsubsidized loans they will also remain split once you consolidate your student loans in case you would like to get back to school or need to set them into Deferment.

15. Can I modify my Payment Plan?

Yes, during the application process or after the consolidation is accomplished, you will be able to contact us to request another payment plan. There are limits on making modifications more than one time a year or after the loan has been in repayment for more than one year.

16. How long will I have to repay?

Your repayment conditions are determined by your total indebtedness, including all unpaid education loans. Repayment terms range from 10 to 30 years.

17. What happens if I can not make my payment on my consolidation loan?

Call your counselor and request to put the loans into a Deferment or Forbearance status until you're in a position to begin paying on them again.

18. Are there late fees on my consolidation loan if I'm late with a payment?

Yes. The typical late fee for a student loan consolidation plan is 4-10% of your monthly payment. So if your payment was 200 dollars and the fee was 5% that would cost you 10 dollars.

19. Should I consolidate my loans while I'm still in my grace period?

If you do you will lock up at lower interest rate. The grace period rate for Stafford loans is .6% lower than it's in repayment.