Eligibility

Sometimes the students do not at all apply for college loan consolidation because they think they are not eligible for it. But the reality is up to 70% or more percentage of people who apply for some sort of financial aid are completely capable of receiving it. Since the application is free so the students can apply for loan to get maximum benefits that will meet their educational purpose.

Some of the factors that affect eligibility for college loan consolidation are timing, parent’s income and student’s income. Timing is very important and the primary factor to decide for the loan. Make sure that if you apply for financial aid an there is no money for college loan left in your account, and then you will not receive a loan. Usually the semester fees are taken during June 1st, but the loan applications close within January 1st. But at majority times, you will not be turned down due to lack of funds.

Students’ income and parent’s income are second and third most important factors for eligibility of college loan consolidation. When it comes to determining eligibility for college loans, the student’s income is weighted as far more important than parent’s income. While 35% of the student’s assets and 50% of their income; 5.65% of parent’s asset and 47% of their income, is needed to determine the loan. If the student wants to take a loan before the age of 24, then parent’s income is the most important factor to determine eligibility for college loan consolidation.

The factors required for attaining eligibility for college loan consolidation are--see Easy College Loans for more info