Especially if you have several different loans with several different rates, you may find that a consolidation loan can offer you the best rate for the entire lump sum of the loan. Mary Foster is a Financial Adviser with 10 years as an Accountant and Student Loan Consolidator. If you do not meet their requirements, you may need to apply for a private loan offered by banks and other lending institutions. Most parents either sacrifice some of their personal needs in order to save money for their kid's education or take a loan. These options are divided into the following two major categories:. The purpose of a consolidation loan for private school loans is to lump all of your loans and fees into one simple umbrella loan. Law School Loans has private loan programs to help you through each step of your legal profession. The repayment of the loan amount has to be started only after the completion of the course and even the grace period. These knowledgeable individuals will be able to not only tell you to best way to consolidate your loan, they will also to able to assist you in paying off your debt. Equipment and textbooks as well as the tuition fees charged by medical schools are all necessary factors to be able to educate an efficient and competent doctor. The purpose of a consolidation loan for private school loans is to lump all of your loans and fees into one simple umbrella loan. However, there may be additional fees association with transferring the balance of some of your loans to a consolidation loan. The easiness in application submission is the foremost advantage of the private student loan. Consolidation loans for private school education are designed to make the loan repayments and management process easier for debtors. The private student loans are usually provided on the basis of the credit score. If any one of the loans to be consolidated is unsubsidized, then you are eligible for Unsubsidized Direct Consolidation Loan. PLUS Loan: PLUS loan consolidation is another form of federal school loan that allows you to pack all your PLUS loans previously taken to finance your kid's education, into a single loan with a lower monthly payment. Talking with the school's or private company's financial aid office will help you come up with a suitable payment arrangement. In many cases students used to take several private student loans to meet the unexpected rise in the educational expenses. And even after all these sacrifices, many parents and kids find it hard to pay back these educational loans. If compared to the benefits, consolidation has lesser disadvantages, which are mentioned below:. Read her latest articles and recommendations to help find a debt free plan that works. These options are divided into the following two major categories:. As there are few eligibility rules to qualify for federal loan consolidation, similarly the private loan levies some regulations on every application that it receives for necessary approval. This can be taken from the loan amount or this could be a separate charge. Consolidation can help reduce your student loan debt by fixing and reducing the interest rate on your loans. Amortizations can last up to twenty years, depending on the current financial status. Most of the lenders offer specialized loan schemes for each course such as under graduate loans, MBA loans, and school loans.