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by: TimCroy
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Nowadays, an education is important to get ahead in society. If you don't get an education, someone who has will get the jobs you want. Because of the growing pressures on educational institutes, and the increased demand on the economy, colleges and universities are forced to increase their tuition more and more every year. For those who want to go to school, this becomes quite a burden. For this reason, it's very important to be know about government student loans consolidation.

Many people do not know the about the loan programs the United States Government offers. The Education's Direct Loan Program or the FFEL are programs put in place to provide assistance to students and parents. When you consolidate all your governmentally funded loans, all your loans are combined into one. All full time students qualify for either of these programs.

The FFEL program can help you reduce all your loans into one payment. The good thing about this is that these consolidation loans have a fixed interest rate that will never exceed 8.25%, so you always know how much your payments will be. The interests rates are generated by finding the weighted average of the current interest rates on the loans that are being consolidated.

The different educational loans include Federal Perkins Loans, SLS, Federal Nursing Loans, Health Education Assistance Loans and, subsidized and unsubsidized Direct and FFEL Stafford Loans. All of these are eligible for consolidation. PLUS Loan borrowers like parent and graduate/professional degree students are eligible for consolidation as well.

However, FFEL and Direct Stafford Loan borrowers are only eligible for consolidation after graduation. They are also eligible when their enrollment drops to half-time. You can only consolidate PLUS loans after they have been fully paid out. If you want to be considered for a William D. Ford Direct Consolidation Loan, you must have a Direct Stafford subsidized or unsubsidized loan or, have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.

Repayment begins within 60 days of the total disbursement of the loan. This could take 10 to 30 years to complete. It really just depends on the amount being repaid and the type of repayment option you select. Any loans you have that are not consolidated will also be considered in the repayment time.

Make sure that you do not have to pay any application fees or prepayment penalties. FFEL loans do not require credit checks. But it's important to remember that you can't return a loan you've taken out.

If you want the most of your education, you can use these programs. It is good to know what kinds of programs are in place to help you keep up with your educational finances.

About the Author

If you're interested in how to consolidate student loans, or you're thinking about applying for student loans for bad credit, StudentLoans-101 has you covered!

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