State-Based Student Loan Consolidation

Each State Has Different Options Regarding Student Loan ConsolidationA perusal through a comprehensive list of state-based student loan programs will reveal a wide variety of options available to students who need to borrow to finance their education, including both federal loans and private loans. What students may not know, however, is that many of these programs also offer special college consolidation loans. After graduation, many students are disillusioned to face the harsh reality of having to deal with college loan repayment. For most, college loan consolidation can prove a helpful way to manage one’s finances in an easier and more responsible manner after college. Consolidating several different loans into one convenient loan will typically result in a lower interest rate, which will lower your monthly payment and give you some slack in repaying it. Sometimes, you may end up with a higher interest rate, which will raise your monthly payment, although it will also shorten the lifespan of the loan, allowing you to take the financial burden off your shoulders sooner than later.Benefits of College Loan ConsolidationStudent loan debt consolidation can present many benefits to students struggling to pay back their loans. For instance, those taking out student loans in North Carolina will be pleased to learn that the College Foundation of North Carolina offers an interest rate reduction of 0.25% for borrowers who consolidate their loans and make their payments automatically via a debit system. In addition, the interest rate drops by 0.5% after 24 consecutive on-time payments, another 0.5% after 36 consecutive payments, and 1% after 48 consecutive payments. This means that after 48 consecutive on-time payments using the automated debit system, a recent college graduate from Durham or Chapel Hill will have had his or her interest rate reduced by 2.25%!Options for States without Their Own Consolidation ProgramsDepending on your state, there is a variety of both federal and private student consolidation loans from which you can benefit. State consolidation programs, like most other programs, will consolidate various different federal student loans, including Direct Loans and Stafford Loans, while private programs may allow you to merge federal and private loans in some cases.Nevertheless, not every state has its own federal consolidation program. These states are serviced by companies such as United Student Aid Funds (USA Funds), which is the official national guarantor for student loans and the designated guarantor for several states. Indiana student loans and Arizona student loans, for instance, are consolidated through USA Funds.

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