If you combine student loans like this, the most obvious advantage is that you can pay a lower amount at one time, because the loan combination will lead to a lower monthly payment, and you can repay the loan in a longer time, so the reduction can be up to half, which is very beneficial for some young students who are unable to repay at the beginning, It also provides a way for many students to improve their current financial situation, especially for those who are in urgent need of funds. However, although consolidated loans have many advantages, they also have some rules and restrictions. So, I will tell you how to master these rules.
Eligibility for loans
First of all, we know that loan merger requires qualification review. Before the federal loan merger, they will also make a judgment on all your current loans. For example, you can't be a criminal. Hmm, especially for some illegal and criminal acts you have taken before, whether for loan peace or other qualification review, they will restrict you. Second, you need to know Hmm, The institution you want to borrow money from, and then go to their official website or contact their staff to see what steps can be taken to obtain the loan. It should be emphasized here that if you are a full-time student, you are not qualified to apply for the loan, but if you are a part-time student or come to take this degree at work, you are qualified to apply for the loan.
Limitations on Federal Loan Consolidation
In general, different types of loans cannot be consolidated, so does the federal loan consolidation plan. It usually does not merge with other loan plans, including credit cards, auto loans or mortgages. In general, federal loans will give you the full amount of their loans, because the money is guaranteed by the government. If the student union can repay the loans, There will be pressure from the government to force students to repay their loans on time, but the type of loans you make are guaranteed by the guarantor, and there is no government guarantee. Therefore, considering this situation, the two types of loans cannot be combined.
Student loans after marriage cannot be peaceful
Some students may not be able to merge loans after they get married but have not repaid their student loans, because the policy of the Ministry of Education is to prohibit the merger of such projects in federal project loans, especially the merger of private student loans, but they can also do one thing: they can jointly apply for a joint bill, if approved, Then they will receive a consolidated bill for two loans every month, which means they can pay the same amount.
Once merged in the past, they may not be eligible for merging again
If you have merged federal loans in the past, or your previous merger was conducted by someone other than the federal government, you may not be eligible for loan merger. However, if you have some new student loans and the loans are not included in the loans you have merged before, you can still merge loans in this case.
Payment time
Generally speaking, after you pay the first repayment fee, you will pay the second loan in the next month. In this case, you will pay the second loan monthly. For some loans with the largest amount, your repayment amount can usually be extended to 25 years or more. One payment method is installment payment, and the measures he takes are as your time increases, Then the payment hierarchy increases or decreases.
