Government Student Loans Consolidation – Cash Saving Secrets Revealed

If you’re one of the many folks out there that has a lot of student loans, you should consider government student loans combination. The importance of a good education continues to rise in tandem with the cost of education. These days it is virtually impossible to get a good job without a college education. For a lot of folks, especially those with multiple degrees, this means that by the time they’re done with college they are burdened with many different loans, government-funded delete word. Although loans are a necessary bad, they can often get out of control. There is something you can do about it however.

Exactly what does consolidation mean?

A government-funded education loan can be consolidated just like any other mortgage. Consolidation means that all of your loans are “bought out” by a lender (maybe even the lender that holds your current loans) and lumped together as one big loan. This allows you to spend them all off in one monthly payment, rather than a bunch of smaller payments. This saves money in the short term because you will be making lower monthly payments over a lengthier period of time.
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How To Qualify

Before you soar into consolidation there are a few things you have to understand. First, you have to qualify for combination, which means that you need to be in good standing on your student loans. To be in good standing up you must still be within your six-month style period after graduation or have produced three full monthly payments on time upon each of the loans that you want to consolidate. This demonstrates that you have some obligation and increases your chances of getting your loans consolidated. Keep in mind that you are pretty much trying to get an entirely new loan and that your lender will treat it that way; contemplating your responsibility, reliability and other risk factors.

Why Consolidation?

Another thing to think about is the fact that you will be paying more money around the back end of your loan. Sure, you certainly save money upfront without consolidation, but the accumulated interest will end up costing you more money over the life of the loan. What it pretty much boils down to is that you are making smaller payments to help you deal with factors immediately but small amounts of money are being added to your loan in the form of attention. This means that you are in effect spinning your tires because you are only paying on the principal a little bit at a time. Most of your monthly payment goes towards the interest, that is pure profit for the lender. That is why consolidation is a great idea.


There is reason to continue struggling under many government-funded student loans. Consolidation programs help students such as you better take care of your student loans by allowing you to make one large monthly payment rather than numerous small payments and the consolidated payment will usually be for a smaller amount than what you would be paying had you not consolidated. Government student loans consolidation is really a must for college graduates saddled with multiple government student loans.