You were able to get the financial help you needed to complete your college education and now you have to start paying back this money. Like many students you may have four or more different loans to pay off. This can get confusing, and your interest rates could vary on each of your loans. There is a solution though. Securing a consolidation loan gives you just one payment with a fixed interest rate. You can find this type of help with the Collegiate Funding Services or CFS student loans.

If you received a Federal Family Education Loan Program (FFELP) loan as a student then CFS will be able to help you with your consolidation. Since 2006 there have been a lot of changes in the FFELP loan program. The new interest rate is figured by taking all your loans weighted average interest rates at the time of consolidation. Then a 1/8th of a point is added to this average to get your new interest. There is a cap on the interest rate of 8.25%.

Several other changes that went into effect in the same year have to do with married couples. They are no longer allowed to move both of their loans into one consolidation package. However, they can still consolidate their loans separately.

Students that are still in college may not get a CFS student loan until they have graduated. You won’t have any credit checks or loan fees to get this new consolidation loan though. Since most students haven’t established any credit while they are in school this can be a very good thing.

There are some qualifications that must be met to be eligible for a CFS student loan. Let’s take a look at what they are:

The loans must total no less than 7,500 dollars.

Loans that are in default cannot be consolidated.

Payments can be deducted through electronic payments.

Newly graduated students can receive a .60% grace period interest reduction if they apply within the first six months of graduation for consolidation.

If the loan is repaid on time and consecutively there may be more interest rate reductions.

There are no repayment penalties.

Should your loan exceed 60,000 dollars you may take as long as thirty years to repay.

Refinancing your loan through consolidation can be beneficial in many ways. The highly trained and helpful staff at CFS Student Loans can assist you in making an informed decision.

Do you want to know how to obtain a student loan without cosigner? Visit http://www.studentloan4less.com/nocosigner.html to find it out!