Student Loan Consolidation, Private Student Loans, Private College Student Debt Loans

Student Loan Consolidation

Bear in mind that we are talking specifically about student loans. There is consolidation available from other type of loans too, but at EdFed we deal with only your student loans.

The logic behind consolidation is simple. consolidation merges all your loans and bills into one single payment. It reduces your (the borrower's) monthly bill of loan repayment. In simpler terms, think of it this way: If you have to pay $100 in 5 years, you pay $20 every year (ignoring any interest component), and if you have to pay the same $100 in 10 years, you pay $10 every year. And in certain cases, the monthly payment burden gets reduced, and the loan payment period also doesn't get increased. This is what consolidation does; it reduces your monthly expenditure on loan repayment and gives you that extra cash in hand.

Now to tell you a little bit more about the Student Consolidation Program. If your loan is eligible to be consolidated under this program (see the list below) then you don't have to worry about variable interest rates anymore. Under the Student Consolidation Program, the interest rates are fixed based on many technicalities such as the amount of loan outstanding, the interest rate currently paid, etc. This rate of interest would be fixed throughout the life of your loan. So no more watching the interest rate markets for fluctuations that can hamper your lifestyle.

The list of loans that can be consolidated under the Student Consolidation Program:
Unsubsidized Federal Stafford Loans
Federal Parent Loans for Undergraduate Students (PLUS)
Federal Supplemental Loans for Students (SLS)
National Direct Student Loans (NDSL)
Health Professions Student Loans
Federal Perkins Loans
Subsidized Federal Stafford Loans
All Federal Direct Student Loans (Direct Loans)
Health Education Assistance Loans (HEAL)
Nursing Student Loans
Student Consolidation Loans
Federally Insured Student Loans (FISL)
Loan from the Department of Education
If your loan falls under any of the above, then loan consolidation is a realistic option for you.

Irrespective of whether you are still a student or you have graduated, you can consolidate with EdFed and ensure lower interest rates and better terms.

At EdFed, we reduce your loan burdens. We offer you the following terms:
Lock in low interest rates.
No credit checks, No fees - Absolutely Free!
Loan period extendable to up to 30 years
Lower monthly payments by nearly 50%
Complete confidentiality maintained
Free live pre-qualification by government-approved agents
It's a U.S. Government Program
And it takes just 60 Seconds to Qualify! Private Student Debt Loan Consolidation

EdFed private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses. This is in addition to already consolidated private educational loans. Consolidating your private educational loans with EdFed allows you to lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is possible even if your private educational loans are held by more than one lender or are of different types.

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Eligibility
Eligibility to consolidate private educational loans with EdFed is based on the following criteria:

	Be at least 21 years old at the time of application
	Have a minimum of $7,500 in US issued private educational loans
	Are in repayment status of private education loans at the time of application
	Have good credit standing
	Are a US citizen or permanent resident (eligible non US citizen)

Benefits
With EdFed, consolidating private educational loans permits several benefits.

	Simple repayment terms
	Low, variable interest rate
	No penalties for prepayment
	One low convenient monthly payment to one lender rather than various monthly payments
	EdFed offers personalized and friendly customer service. With EdFed, you work with one loan consultant throughout the process of consolidating your private educational loans.

Process
The process of consolidating your private educational loans is made simple and fast with EdFed.

	Begin an application either online or over the phone to receive an instant credit decision, interest rate information, and fees.
	Sign and return your completed application. Consolidations are normally complete in approximately 6-8 weeks.
	Continue to make payments to your current lender until you are notified that the consolidation is complete.
	Receive your new repayment information in the mail.

Payment Options

Repayment begins approximately 30 days from the time your private consolidation loans is funded.

The repayment term is a maximum 30 year plan, regardless of private consolidation balance. You may choose one of several repayment options for your private loan consolidation with EdFed, and there is NO penalty for early repayment

Equal Payments: Standard payments are made according to principal and interest over a 30 year term. This equal payment option allows equal monthly payments over the life of the loan

Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment. Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.

Select 5/Graduated Payments: Allows for interest-only payment for the first two years of repayment. During the third through fifth year, payments increase to include a portion of principal. Beginning the sixth year, payments increase to level investments of principal and interest payments for the remaining life of the loan

Tax Benefits
Consolidate your private education loans with EdFed and take advantage of tax benefits offered by the Federal Government.

	By way of the Taxpayer Relief Act of 1997, the Government now permits individuals to deduct the interest paid on loans taken out to attend eligible educational institutions
	Ability to deduct up to $2,500 in student loan interest. Taken as an adjustment to income, allowing the deduction regardless if you itemize deductions on Schedule A of your 1040.
	Deductions phased out for taxpayers with adjusted gross incomes of $50,000 to $65,000 [single filers] and $100,000 to $130,000 [married filing jointly]. Taxpayers who are married but file separate returns are not eligible.