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In 1986, the federal government created the Federal Loan Consolidation Program. The program essentially allows borrowers to consolidate their government-sponsored student loans into a single consolidation loan.

The Advantages Of Federal Loan Consolidation Programs

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Student loans have, over the years, enabled Americans with average financial means to get through college and all the accompanying expenses to be able to obtain a college degree. The truth is, most students and their families cannot afford to pay for college expenses without financial assistance, and typically, a student would have acquired one or more federal and/or private loans by the time he or she graduates.

In fact, according to latest statistics, a whopping two-thirds or 65.6% of all four-year undergraduate students graduated with an average debt of ,186 in federal or private loans for each student. In addition, the average cumulative debt increased by 5.6% or ,139 a year since 2004. This explains the prevalence of student loans.

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It is important to note, that the same student loan consolidation can be done only once to the same loans. But if a student will continue studying and takes a new loan, then he or she can do the student loan consolidation once again.

1. The Private Student Loan: Removal Of A Co-Signer.

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