http://www.credit-and-debt-counseling.net/student-loan/student-loan-consolidation/federal-student-loan-consolidation/ Federal student loan consolidation can cut down your costly education bills. Federal student loan consolidation is the smart way to improve the financial future of new graduates. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Education Can Be Expensive Education costs have skyrocketed over the last twenty years and today's student will spend a good portion of his/her working life to pay off debts incurred during their college years. Student loan consolidation through federal agencies is one effective way to keep costs down for consumers and to protect the financial futures of students as they enter the workforce. Why Consolidate? To ensure lower monthly payments. Take advantage of money saving payment incentives To get fixed interest rates Convenience of one easy monthly payment Track new or renewed deferments If you have federal student loans right now, chances are you are paying a variable interest rate. But federal student loan consolidation can lock you in at a much lower fixed rate. That way, you can be sure your payment never goes up. But you have to act quickly--in July 2005, Congress might pass the College Access and Opportunity Act. If this happens, the fixed rate on the federal student loan consolidation programs will no longer be available. How Can the Federal Government Help? Student loans and federal student loan consolidation have become a necessity for many students and applying for them has never been easier. The three main categories of aid available are: loans, grants and work study. The federal government conveniently has money available in each of these categories. Some of the most common federal programs are listed below: Pell Grant - Need based grant program for undergraduates. Eligibility is based on Federal EFC. Supplemental Education Opportunity Grant (FSEOG) Grant - Need based grant program for undergraduate students provided to colleges. The College, within Federal guidelines, establishes eligibility criteria. Perkins Loan - Subsidized loan with a 5% fixed interest rate. Flexible repayment terms and numerous deferment options available. Stafford Loan - Funded by private lenders and guaranteed by federal government, both subsidized and unsubsidized loans are available. Work Study - The college creates either on-campus or community service positions for students who are paid for their work. This helps offset costs while giving students practical work experience. Taking advantage of student loan consolidation and federal student loan consolidation is the smart way to reduce student debt and to launch graduates into a manageable financial scenario. Browse our site for info on federal student loan consolidation and others out there to become more informed about how to keep loan costs down and invest in a future that is not saddled with debt for years to come. Sat, 26 Jul 2008 15:00:00 EDT