Student Loan Consolidation

Student loan Consolidation is a procedure in a result of which all student loans are combined into one loan and borrower repays this loan to one lender. If student loans were taken by parents, only parents can consolidate these loans. If student took loans by himself, only this student has right to consolidate his loans. It is impossible to consolidate together parents’ and student’s loans. It is allowed to consolidate only those loans, which belong to one borrower. Even if two students got married, and each of them has student loans, they continue to repay their loans separately.
As for student loans, which can be subjected to consolidation, it is possible to say that almost all federal loans such as Stafford Loans, Perkins Loans, PLUS Loans can be consolidated. As for private loans, they also can be consolidated b by means of private lender.
In general, after the process of consolidation, you get single loan and you have to pay to one lender. As for interest rates of consolidated loan, it is calculated from interest rates of those loans, which were consolidated. It is weighted average.
It is possible to consolidate student loans during the grace period or in the beginning of repayment. Remember that it is impossible to consolidate together federal loans and private loans. You can consolidate separately federal loans and private loans and in such a way you will have two consolidated loans, which is better then ten different loans, isn’t it?