Consolidating private student loans into federal student loans

There are several types of aid available to help you pay for your education beyond high school, including grants and scholarships, federal work-study jobs and student loans. A good way to apply for a grant is through your FAFSA form.

The first step is to complete the Free Application for Federal Student Aid (FAFSA) form at They should be your first choice to finance your education. You also can check out these other sources to find grant and scholarship opportunities: Federal work-study jobs are another way to help pay for college.

Reasons to consolidate loans If you are having problems making your monthly payment but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.

Consolidating with the federal government is a process you can do on your own, at no cost.Work-study is a need-based grant that requires you to work part-time while you’re in school.To qualify for work-study, you’ll need to fill out the FASFA form and meet the needs-based criteria of the program. Student loans fall into two categories: federal loans and private loans. It is the only way to apply for federal student aid. You must fill out your FAFSA form at every year that you are in college, university or career school.You should make sure that it makes sense to consolidate your loans.Consolidating a low-interest Perkins loan may not be in your favor.

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