Student Loan Consolidation: What Do the Numbers Mean?

Student loan consolidation is when you work with a lender to combine two or more student loans together so that you only have to make one lower payment each month instead of the multiple payments you would normally make.

Should decide to consolidate your loans you will find that there are many student loan consolidation programs to help you.

Before you decide on your student loan consolidation help you should think about how to group the loans.

If you are one of those people looking for federal student loan consolidation you will want to keep them separate from private student loans. The reason for this is that you can get breaks on federal student loans that are not offered with private student loans, and if you just clump them all together then those offers are no longer available.

Perkins Student Loans

The Perkins Student Loans are federally guaranteed student loans that are given to the college that you are going to. Perkins Student Loans are low-interest; long-term loans that are specially created for students who really need help pay their way through college. With Perkins Student Loans you don’t need a co-signer to be approved and there is no credit check, so even if you don’t have good credit, you can still be approved. If you are enrolled at least as a half-time student, the government will pay your interest rate for as long as you are enrolled in school. When it comes time to start paying your monthly loan payments, you would have saved thousands of dollars.