Which Loans Are Eligible

The first thing you need to do to get great student loan consolidation is to make sure that the type of loans you have taken out are eligible for consolidation. There are many loans that are eligible, even to be combined with other loans for consolidation; however, some loans are not ever eligible for consolidation. The following tells you which loans are and are not eligible so you can figure out if you qualify for great student loan consolidation.

Loans That Can Be Consolidated:

• Federal Loans- loans that are given to you by the government on a financial need based program.
• Stafford Loans- a type of educational loan that is granted to you based on the income of your parents.
• Disability Loans- a loan that is given to you based on the fact that you are disabled in some way that requires extra attention or you are disadvantaged and need supplemental educational resources.
• Federal Parent Loans- this is a loan that is given to you by your parent and your parents are fully responsible for the loan payment.

Loans That Cannot Be Consolidated:

• Personal Loans- a loan taken out from the bank.
• Credit Union Loans- a type of loan that is taken from a credit union or payday advance company.
• Loans from a Family Member/Friend- a loan that is granted to you off the record from a family member or friend.
• Loans given by the School- a loan that is granted by the school on a need-basis.

If you have any questions, please visit our Frequently Asked Questions page.

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