When consolidating a loan, you must be sure that all your loan types fall into the allowance for consolidation. An important part of managing your finances, you must understand which accounts you can bring together to create a simple repayment plan. So with that in mind, ask yourself what loans can be consolidated?
There are a number of loan types that are eligible for consolidation, all of which can be lumped together to create a payment plan that you can afford.
Do you have one of these eligible loan types?
- Direct Subsidised and Unsubsidised Loans
- FFELP (Federal Family Education Loan Program) Subsidised and Unsubsidised Loans
- FFELP PLUS Loans
- Direct PLUS Loans
- Perkins and Federal Nursing Loans
- Health Education Assistance Loans (HEAL)
- Supplemental Loans for Students (SLS)
Other factors to be aware of:
- Private loans are not eligible to be consolidated
- Spousal consolidations (federal student loans you and your spouse consolidated into one consolidation loan) are not eligible to be consolidated.
- A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation
We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.