FAQ

   STUDENT LOAN CONSOLIDATION: FAQ

Student Loan Consolidation allows you to combine several existing student or parent loans into one new loan from a single lender, using this new loan lender to pay off the balances on the other loans received from financial institutions or from the federal government. You must then repay to one single lender instead of making different repayments and amounts to various lenders. The student loans eligible for consolidation must be either in grace period (six months after finishing your studies) or repayment, and the minimum amount of money for consolidation is USD 5000.

How to get financial aid:

Calculate how much money do you need each semester. Obtain all the information about financial aid for students: grants and scholarship, student loan debts, work-study programs. Check your options: Is possible to get a part time job, during the academic year o maybe your family can help you to pay the studies?.

How to apply for the Financial Aid you need

The economic aid you are eligible for is based on your economic circumstances, your performance as a student and your further skills. Almost everybody is entitled to some type of help. You just need to find out which one applies to you. If a loan is applicable, you must choose the one that best fits your future economic conditions as you foresee them.

How you receive the student loan money

The money from the lender is received through your educational institution in several instalments (minimum is two). No instalment can be higher than 50 % of the loan's total. This applies to both Direct Federal Loans and FFEL.

How to check the status of the student loan.

Access to the Student Loan Data System is necessary the PIN (Personal Identification Number) that appears in the SAR document received after completing and submitting the FAFSA form. If you don't know or you have forgotten the PIN number, you can apply for it on internet site http://www.pin.ed.gov/PINWebApp/pinindex.jsp

How to postpone your loan repayment.

If you have financial problems or familiar circumstances that make difficult to repay every month your student loan, you should contact your lender immediately. The loan holders are able to provide you with some financing options and give you information about deferment and forbearance.

How to apply for your loan to be deferred.

You can apply by filling in a form that you can obtain at your university's financial aid department or at your financial institution (the one granting the loan). There are several types of forms depending on the economic situation. You must fill in one form for each loan you wish to defer.

How to repay your student loans

Electronic payment: The student’s bank will charge him or her the fixed amount on a regular monthly basis. This is the easiest way to pay. You avoid mistakes, forgetting to pay and involuntary delays). Some banks will give you a discount on interest if you choose this option.