Government Assisted Consolidation Loans – The Free Federal Program to Consolidate Your Debt and Save

Do you have some federal student loans that are choking your monthly budget? Then the U.S. government may have just the cure with their Government Assisted Consolidation Loans. They are a federal program designed to merge all your debts and bills into a single payment.This means, that if you have several monthly payments or a number from several different loans, you can make things easier by consolidating them into one single loan to pay off the total debt. This offers you an easy to manage payment, and in most cases, at a lower rate of interest.The official term for this government program is called Direct Consolidation loans and they are provided to U.S. citizens by the Department of Education.These Direct Consolidation loans are funded directly by the U.S. government instead of a private lender or financial institution. They allow borrowers to lock in low interest rates and extend their repayment period beyond that provided by the original loan. This results in lower monthly payments for the duration of the new consolidated loan.How You Qualify For The ProgramAs stated at the beginning, you must have outstanding federal student loans. Then you must qualify based on your need which is evaluated on the basis of your income, family size and the total outstanding balance of your federal student loans.Some Benefits Of The Government Assisted Consolidation Loans:
The ability to defer payments up to 3 Years
No payments for the first 6 months
No loan origination costs or fees for consolidation
Extended loan payment period of up to 30 years.
Do You Qualify For Direct Consolidation Loans?

Do You Qualify For Government Assisted Consolidation Loans?

Government assisted consolidation loans are available only to assist borrowers combine their Federal education loans.These loans are called Direct Consolidation loans and are financed by the U.S. Department of Education.They act like other consolidated loans in that you end up with one lender who is the government, one loan and one monthly repayment making it easier to manage.The government assisted consolidation loans offer several advantages:They offer low interest loans which are easy to get and this makes your debts ultimately easy to manage and reduce. You can take up the loan early to lock in record low interest rates.You have a variety of four choices of plans of how to repay the loan and the terms a flexible. These plans take into consideration the income of the borrower and even his changing needs. Your monthly repayments will take into consideration your income, family size and loan amountAnother benefit is you don’t have any minimum payment requirements and the consolidation is free.You can also defer payment for up to 3 years and have a grace period of six months before you start your repayments. The loan has a repayment period of 12-30 years depending on your debt amount.Not everybody is qualified for the Direct Consolidation loans and not all loans are considered.
An online research can determine whether you qualify for this type of loan.It’s advisable to explore your government assisted consolidation loans options which could help you save and pay off your debt faster.

Government Assisted Consolidation Loans – Are You Eligible?

In order to be able to qualify for a Government Assisted Consolidation Loan, you need to have or have had a Federal education loan. These types of consolidation loans are funded and financed by the U.S Department of Education.Having one of these loans is very much like having other loans of this type. You still take out only one loan, make one monthly repayment, and have one lender- which happens to be the Government.If you do consider taking this loan out then there are several advantages to this. Firstly the loan is based at a lower interest rate. This means that they are easier to get and make it substantially easier to manage and reduce your debts. It is possible to start the loan earlier in order to secure and record the lower rate.The government assisted loan has four options that you can consider to see which option is suitable for you. They take into account your income and any needs that are likely to change such as dependents. This and your family size, total income and loan amount are all considered. The options available for the loan are very flexible.There may also be other benefits which mean that you do not have to pay any set loan fees. It is a good option for those who do not need a set minimum monthly payment amount. This loan also has the choice to make a deferred payment arrangement for up to three years and you can also receive a six month period before you have to start making any payments. The period of the loan offered can be anything between 12 and 30 years. This is dependent on the amount that you need to borrow for the loan.The Government Assisted Consolidation Loan is certainly worth a look while researching all your options in relation to debt consolidation loans.

Government Assisted Consolidation Loans – The Free Federal Program to Consolidate Your Debt and Save

Do you have some federal student loans that are choking your monthly budget? Then the U.S. government may have just the cure with their Government Assisted Consolidation Loans. They are a federal program designed to merge all your debts and bills into a single payment.This means, that if you have several monthly payments or a number from several different loans, you can make things easier by consolidating them into one single loan to pay off the total debt. This offers you an easy to manage payment, and in most cases, at a lower rate of interest.The official term for this government program is called Direct Consolidation loans and they are provided to U.S. citizens by the Department of Education.These Direct Consolidation loans are funded directly by the U.S. government instead of a private lender or financial institution. They allow borrowers to lock in low interest rates and extend their repayment period beyond that provided by the original loan. This results in lower monthly payments for the duration of the new consolidated loan.How You Qualify For The ProgramAs stated at the beginning, you must have outstanding federal student loans. Then you must qualify based on your need which is evaluated on the basis of your income, family size and the total outstanding balance of your federal student loans.Some Benefits Of The Government Assisted Consolidation Loans:
The ability to defer payments up to 3 Years
No payments for the first 6 months
No loan origination costs or fees for consolidation
Extended loan payment period of up to 30 years.
Do You Qualify For Direct Consolidation Loans?