Tuesday, October 21, 2008

ELIGIBILITY FOR SCHOOL LOAN CONSOLIDATION-FEDERAL LOANS

Eligibility
We can help you get started right away. Here is what you need to be eligible for a Federal Consolidation loan with ScholarPoint:
One or more eligible Federal Student loans with combined balances greater than $20,000.
Generally you will have graduated, left school, or be attending school less than half time. The exception being if loans are or have previously been in a grace period or repayment.
Loans must be in a grace period, deferment, forbearance or in repayment status at the time of application.
Only one Federal Consolidation Loan Application may be in process at a time. If you have another application in process it will need to be cancelled prior to applying with ScholarPoint. You can cancel other applications by contacting those lenders via phone, fax, email, or regular mail. You may use our cancellation form letter as a guide to cancel an existing application.
Loans must be in good standing and not in default. If you are in default, a series of on-time payments can correct this.
If you have consolidated previously, you must have at least one additional loan not previously consolidated or you must be consolidating two previous consolidations together.
If you have questions about your eligibility, please contact our
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customer support team. Apply for a Federal Consolidation Loan > -->Loans eligible for Federal Consolidation:
All Federal Stafford Loans
All Federal Direct Student Loans
Federal Parent Loans for Undergraduate Students (PLUS)
Graduate PLUS Loans
Federal Perkins Loans
Health Professions Student Loans (HPSL)
Nursing Student Loans
Federal Supplemental Loans for Students (SLS)
Auxiliary Loans to Assist Students (ALAS)
National Direct Student Loans (NDSL)
Federally Insured Student Loans (FISL)
Federal Consolidation Loans (you must have multiple consolidation loans or at least one loan not previously consolidated)

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