What is a student consolidation?

I have a student loan out with sallie mae and I owe about 5 thousands dollars because I graduated and now I am attending a community college and I was wondering can I consolidate my student loan. I need some information on consolidating a student loan and what really is a student consolidation? And I am a month late on paying back my student loan with sallie mae its not in default. any advice

What is a student consolidation?
The FFELP Consolidation Loan Program is usually a great idea. This free federal program was developed in order to ease the financial burden on students once they graduate school and go into repayment on their Federal Student Loans. Some of the advantages of the FFELP Consolidation Loan Program are: having one bill and one lender, locking in the lowest possible interest rate available to you, lowering your monthly payments, and resetting your Deferment and Forbearance time.





If the Student Loans that you have are Federal Stafford loans and they were disbursed to you before July 1st, 2006, than the interest rate on those loans will be Variable, which means they are subject to an interest rate change every July 1st, which is determined by the Federal Government. For more information on current Federal Student Loan interest rates, as well as more detailed information on the FFELP Consolidation Loan Program, please visit the source below.





Good Luck, I hope this helps!
Reply:A student loan consolidation is basically a way you can "combine" two or more student loans into just one monthly payment. It's very convenient and lowers the interest rate you pay.





You can read more about loan consolidation here:


http://www.studentfinancedomain.com/stud...





Good luck!
Reply:Hi,


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