Government help consolidating student loans
You should make sure that it makes sense to consolidate your loans.Consolidating a low-interest Perkins loan may not be in your favor.But depending on your situation and what kind of loans you have, you might be eligible for a different repayment plan or to get your loans forgiven.And ,when it comes to qualifying for these programs, there’s nothing a private company can do for you that you can’t do yourself for free.When you consolidate your federal student loans, you get a Direct Consolidation Loan, which has a fixed interest rate for the life of the loan.
Some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid. When you fill out your FASFA, you will also create an FSA ID.
To explore your options, contact your loan servicer directly.
If you don’t know who your private student loan servicer is, look at a recent billing statement.
Work-study is a need-based grant that requires you to work part-time while you’re in school.
To qualify for work-study, you’ll need to fill out the FASFA form and meet the needs-based criteria of the program. Student loans fall into two categories: federal loans and private loans. It is the only way to apply for federal student aid. You must fill out your FAFSA form at every year that you are in college, university or career school.
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Understanding the difference between federal and private loans and your consolidation and repayment options can save you thousands of dollars.