For some newly graduated students or workers with relatively low income, student loan consolidation is a very good choice, because it means that the total amount of your repayment will be reduced, because group consolidation will lead to lower interest rates, and you can get longer repayment time. The federal loan plan will provide a lower interest rate, which is an option for many people, However, if you do not have the qualification to apply for joint loans, you can apply to some private lenders.

Combined student loan

The difference between this loan and other loans is that you do not need collateral, nor do you need a guarantor. The government should be your guarantor, so you do not need to conduct income assessment, nor do you need to conduct credit scoring, and they have very low interest rates. However, if you default, the government will exert pressure on you to make repayment.

Federal Student Loan Eligibility

Although we mentioned above that you do not need much qualification review to obtain this loan, there are two things. If you do, you will still lose the right to lose this loan. The first thing is that if you have a loan in arrears, you cannot make the loan, but you can use some methods, such as paying off your current loan or postponing the federal consolidated loan plan. The second thing is that if you are still a full-time student, you cannot repay the loan, Because the repayment of this loan requires that you are part-time or have been working.

Private loan consolidation

The same as the federal loan plan merger, you can conduct private loan merger. Their common feature is that the loan interest rate after your merger will be lower than the single loan interest rate, which means you will repay less money. However, private loan merger is not as low as the benefits of federal loan merger, and its qualification certification process will be more complex, which may require you to conduct some qualification certification, For example, in the assessment of credit status, you may also be required to show assets to prove your salary, or the funds you currently have. If you do not have some asset ratings that meet his qualifications, you may need a guarantor, and may also charge additional fees, including your application and some of the operating expenses, so you need to ask in advance when you need to start repaying, If the loan is repaid in advance, whether there will be some penalties for prepayment.

What you need to do

Before the merger of Passion Loan, you need to review first. The first thing you need to do with existing loans is to check whether your loans have a record of default. If your loans have a record of default, then you are not eligible for the loan supported by the federal government. If you are trying to repay this student loan, please note that you must manage your finances wisely and use your credit card cautiously, Or contact your guarantor, which may give you more time to repay the loan. In any case, managing your financial problems will enable you to deal with them more freely in your future life.

（Writer：Weink）