What Is Student Loan Consolidation?
Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually carry lower interests than other loans and are usually issued by the government. Often they are supplemented by student grants which do not have to be repaid.

Guaranteed Student Loans
By Michael Lawver

With the rising costs of college tuition, costs of living, and everything else in life that is a must have, has made it almost a necessity that you will have to apply for a student loan in order to get through school. Not only do you have tuition costs, but books, meals, lodging, gas, cell phones, and with whatever is left, a little bit of recreation.  The good news is that there are so many sources now for guaranteed student loans, that you should have no problems covering all of the varying expenses for the average college student.  Most student loans however, are loans in which you will have to repay.

Following you will find different types of student loans and the conditions which have to be met in order to acquire them:

• Direct Student Loans are loans in which has a schedule of repayment that is six to nine months after the student has completed their schooling. Direct Student Loans are directly distributed to the school that you are attending and so the funds of this type of loan never touch the students hands.  The added benefit of this kind of arrangement is that you get a much lower interest rate than you would get through a guaranteed student loan. 
• Guaranteed Student Loans, or what is known as a Stafford Loan also has a low interest rate. You can apply for either a subsidized or unsubsidized student loan, where a subsudized loan means the government will pay the interest while you are in school.  With an unsubsudized loan means you pay the interest while you are in school, but you must start paying the principal, after you have finished school. Keep in mind that the subsudized loan is based on the students need for the loan so you must qualify to get this type of loan.
• Federal Parent Loans or PLUS Parent loans are meant to be paid by parents for students who are enrolled in college for at least part time.  The interest rate on these types of loans are around 9% right now.  Lenders for this type of loan do consider personal credit history when you want to get this type of loan so it's a good idea to have parents either co-sign for this type of loan because they have a better credit history, or if a student has a good credit history themselves.  Generally speaking however, normally parents are the ones who get this type of loan so they should keep this in mind of they are considering getting this type of loan.

As far as we know, there are no schools out there which do not take the Direct Student loan, Guaranteed Student loan or PLUS Parent loans. Just make sure that you thoroughly investigate what your options are with any of these loans, and others.  They are critical to the long-term education for the student and really the backbone for the students educational future, so it is vital that you match the loan to your needs in the long term.

When you begin applying for colleges, you will find that tuition and boarding fees are extremely expensive. Unless you are independently wealthy, few people can pay for college outright. If you do not qualify for scholarships, financing your education can seem virtually impossible, even with the help of regular financial aid grants. However, there are many low interest student loans available for students that

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qualify for them. Rather than putting off your education, you can borrow money and defer payment until your have graduated and have found a full-time job with which you can pay back what you owe.

The first step toward applying for student loans is to fill out a financial aid application form called the Federal Application for Student Financial Aid. Once you have been accepted a college or university, you will be sent a packet of financial aid information. You will be asked to provide your own and your parents' financial information so the aid agency can assess your need and your ability to pay. There are many government based grants, like the Pell Grant, that give money to low-income students and their families with no obligation to ever pay it back. However, grants can only pay for so much, and you will most likely require student loans to finance the rest of your educational expenses.

Private education loans are not sponsored by the government and draw funds from a variety of different sources. If you are still considered a dependent, either you or your parents can apply for student loans to finance your education. If the free financial aid you qualify for is not enough to cover your expenses, student loans can help you make it through college to get the degree you need to be financially successful later in life. There are many different types of student loans available for both conventional and non traditional students. Federal education loans like Perkins and Stafford Loans can be funded by either the school, your bank, or by the U.S.Department of Education.

With an unsubsidized loan, you begin accruing interest while you are in school, but you do not have to pay it back until you have graduated. You must show financial need to obtain a subsidized loan, where as unsubsidized loans are available to anyone who applies. Guaranteed Student Loans, or Stafford Loans, typically have lower interest rates than private loans. These loans are guaranteed by the federal government, and they can be subsidizedor unsubsidized. If you have a subsidized loan, the governmentpays your interest while you are in school.

Often times, Direct Student Loans are the loan of choice for many students. Direct loans are handled directly by the school you are attending. These types of loans typically have lower interest rates than most others. Your college or university may obtain the funds from a variety of sources, but all of the payments are generally made to the school itself. Once you are finished with school, you typically have anywhere from six to nine months to begin paying back your accrued debt.

If you finish school and cannot afford to pay back your Guaranteed student loans, they may be placed in default. This should be avoided at all costs since the ramifications of defaulting on a student loan, especially a federal, are pretty severe and could keep you from being able to get any other federal funding.  This affects your credit rating and can keep you from getting other loans in the future. You can be granted a deferment on your loans if you decide to continue your schooling in graduate studies, or if you are unemployed. Deferment, however, does not last forever. If you have many different Guaranteed student loans, you can often consolidate them using a consolidation service, or, if you have direct loans, you can consolidate through your school's lender.

Michael is a leading expert on Student Loans, Student Loan Consolidation and has valuable insight into how to reach your goals online. He has insightful Tips, Tricks, How-To's and Resources that are invaluable to Students and is also the author of Credit Repair Combat. He also is an expert online home business strategies that anyone can do, even without a website. You can check out his blog at http://www.millionaire-marketing-methods.com/

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