A company can’t do anything you can’t do for yourself.Student loans are debt you have to pay back, even if you don’t finish your degree.You’ll no longer owe the original loans, and since this consolidated loan is new, it will come with a new interest rate, a new payment policy, and new terms and conditions.There are both benefits and drawbacks to consolidating your loans, which we’ll discuss in this article.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.Private companies may offer you loans and other forms of financial assistance for your education.They often use direct mail marketing, telemarketing, television, radio, and online advertising to promote their products.
Simply put, this is the process of combining your multiple student loans into a single, bigger loan, possibly with a new lender.Student loans fall into two categories, federal loans and private loans.Whether you’re taking out a new student loan or consolidating existing education loans, the Federal Trade Commission (FTC), the nation’s consumer protection agency, and the U. Department of Education (ED), the agency that oversees federal student loans, want you to know how to spot potentially deceptive claims or business practices some private companies may use to get your loan business.Subsidized Federal Stafford/Direct Loans: must be repaid. Student must be enrolled at least half time and demonstrate financial need.Students are eligible for ,500 to ,500 depending on grade level and dependency status. *Note: If you receive a Direct Subsidized Loan that is first disbursed on or after July 1, 2012, and before July 1, 2014, you will be responsible for paying any interest that accrues during your grace period.