As you probably know there are government loan packages for businesses and farmers. These packages are only designed to consolidate commercial loan debt. Despite all the Internet hype there are no government debt consolidation loans designed to help individuals. However there are government or federal consolidation student loan packages for college and university students.These days the cost of a college education is best described as outrageous. Especially when you find out just what is taught at our universities. By the time many students are in their senior year they have multiple student loan debts that exceed $50,000.The senior year is the time to take stock of all your student loans. Shortly after you graduate you will be expected to begin making payment on your loans. You should do the research necessary to know all the conditions and requirements of each student loan package. You may find that you have to make large multiple payments at different times of the month and that you have multiple interest rates. It may be a good time to consider applying for student government debt consolidation loans.Federal consolidation student loan packages will in many cases allow you to consolidate all your student loans. This frequently includes some of your private student loans as well. In most cases you will be required to apply for your student government debt consolidation loans from the financial institution that you first acquired your federal student loan from. Prior to making any application for a debt consolidation loan it would be wise to take the time to visit the university financial aid office.The staff at the financial aid office will be able to provide you with a lot of advice as to what the best features are included for each of the government debt consolidation loans. Grace periods, income sensitive payments and the types of loans that can be consolidated are just some of the features you will want to consider.A major benefit of government debt loan consolidation comes from the fact that you can lengthen the amortization period your loans. In most cases student loans must be paid off within 10 years but with a federal student consolidation loan you can lengthen the amortization out to as much as 30 years. This feature will allow you to make lower monthly payments at a time when a new graduate is just entering the job market. The down side of a long amortization is that you will end up paying more over the life of the loan. This can easily be remedied by making increased payments as incomes increase.So if you are a college senior or a recent university graduate it would be wise to consider student government debt consolidation loans. These loan packages will help you manage your student loan debt and reduce your monthly payments. However it is very important for the student to take the time and effort to do a good job of researching and selecting the best loan package is available to them. It is possible to save thousands of dollars by selecting the best government debt consolidation loans.
