College Consolidation Loan
From Wikipedia, the free encyclopedia
| US Student loans |
| Regulatory framework |
|---|
| Higher Education Act of 1965 US Dept of Education FAFSA Cost of attendance |
| Distribution channels |
| Federal Direct Student Loan Program FFELP |
| Loan products |
| Perkins · Stafford PLUS · Consolidation |
College Consolidation Loans offer individuals with student loans the ability to consolidate multiple Stafford and PLUS loans into one loan agreement.
The fixed interest rate on the consolidated loan is based on an average of the loans that are being consolidated, but the term of repayment is set at thirty years, typically lowering the monthly payment. Since the borrower has the right to prepay student loans, the consolidation loan offers greater flexibility to the student.
