Consolidating private school loan credit

To qualify for work-study, you’ll need to fill out the FASFA form and meet the needs-based criteria of the program. Student loans fall into two categories: federal loans and private loans. It is the only way to apply for federal student aid. You must fill out your FAFSA form at every year that you are in college, university or career school.

In addition, many states and colleges use your FAFSA data to determine your eligibility for state and school aid.

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 for free.

If you have federal loans, the Department of Education has free programs that could help, including: These options are free.

Consolidating a low-interest Perkins loan may not be in your favor.

Perkins loan borrowers have unique deferment and cancellation rights that may be lost when consolidating.

The first step is to complete the Free Application for Federal Student Aid (FAFSA) form at They should be your first choice to finance your education. You also can check out these other sources to find grant and scholarship opportunities: Federal work-study jobs are another way to help pay for college.

Understanding the difference between federal and private loans and your consolidation and repayment options can save you thousands of dollars.

If all of your education loans have fixed interest rates, it may not matter when you consolidate.

If some or all of your loans have variable interest rates, when you consolidate into a fixed loan may affect the interest rate of your loan.

Consolidating federal loans with the federal government is free.

There are companies that may offer to help you consolidate your federal loans with the federal government, for a fee, but you don’t have to pay for this service.

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