About Student Loans

Direct college loans and student loan consolidation to fund your education

You have many options for education and all lead to the need for college loans. The economy has made it tougher to accumulate savings to cover education costs and you have no choice but to review your direct loans options and find the right one to fit your present budget. A student loan consolidation may already be a solution for you.

Once you are prepared with the right information to complete student loans it is just a matter of filling in the appropriate documents and submitting them. Information required for most college loans consists of the following:

  • Driver's license
  • Social security numbers
  • Records of earning from employment and any other sources of income
  • Your income tax return and your parent's income tax return unless you are filing as an independent
  • Current bank statements and any other stocks, bonds and investments
  • Any business or farm records if applicable
  • If you are currently not a U.S. citizen you will need your alien registration card

When reviewing your options for college loans be sure you are applying for the correct type of loan. Direct loans cover high school students, undergraduate students, graduate students, adult students and international students.

Another option to research may be a student loan consolidation. You have been through the process, completed your education and accumulated a few loans on the way. Now you find that the combined monthly payments are a little too high for your existing budget. The many benefits of a student loan consolidation are:

  • Reduce monthly payments by more than 50%
  • Option to re-apply during the grace period and lock in the interest rate for the full term
  • One payment per month saving on administration, postage and stationary
  • Adjust your monthly payment and term to fit your present budget
  • Negotiate a lower interest rate

You may be a parent applying on behalf of your child's college loan requirement and therefore you may not find this procedure complicated at all. Parents should research other loan options available before resorting to college loans since personal loans and home equity loans will give more favorable rates if you qualify.