MARIETTA, Ga. -- Six months after graduating from college, it comes time to begin repaying student loans. Six months after that, it may be time to look into debt consolidation for student loans. Credit-yogi.com has much information about this process which it would like to share, including:

· Reasons for Consolidating

· Private Loan Consolidation

· Federal Loan Combining

· Where to Merge Student Loans

Incentives to Consolidate

An excellent reason to utilize a debt consolidation for student loans debt is getting a lower interest rate. Another is to have just one payment per month, rather than several separate ones. Still others are to lock in a fixed interest rate and to avoid defaulting. Also, if one has Federal Family Education Loans (FFEL) which one wishes to make eligible for Public Service Loan Forgiveness, consolidating the debt can help.

Consolidating Private Loan Debt

Private and federal student loans cannot be consolidated together. When looking into debt consolidation for student loans, keep that information in mind. If one chooses a different repayment schedule when consolidating, it may result in smaller monthly payments for a longer time period, which lessens the risk of defaulting. To be eligible for consolidation, most lenders specify a minimum balance of $7,500. One benefit to consolidating private student loans is getting a better interest rate if one’s credit score has improved by 50 – 100 points since taking out the loans.



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Merging Federal Loans

Most federal loans can be combined into a Direct Consolidation Loan. However, a PLUS loan made to a parent of a dependent child cannot be transferred to the child in a consolidation. When seeking a debt consolidation for student loans, remember that one must have a Direct Loan or FFEL Loan that is in its grace period to qualify. If one is in default on a loan and wishes to merge it with others, he must make repayment arrangements with his current loan servicers or agree to repay the new Direct Consolidation Loan under the Income-Based Repayment Plan. For more information, go to the federal government’s website.



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Where to Combine Student Loan Debt

Finding a bank or credit union for debt consolidation for student loans is relatively easy, if one’s credits core is good. One should always begin his search for debt combining with his current loan servicer. If that does not work, he should seek out other possibilities. Federal loans can only be consolidated by the federal government, and the best way to get where one needs to be for this process is to access the government’s website and follow the prompts.

Credit-yogi.com is a highly regarded website whose aim is to supply consumers with accurate, timely responses to their fiscal queries. For a free initial Consultation, dial 866-964-9644.