Many lenders are offering student consolidation loan rebate to the borrowers to st that they take their student loan from them.These discounts are offered because according to 'SINGLE HOLDER RULE', borrowers are allowed to merge their existing loans with any bank they wish to.The original lenders surely do not want to loose their customers and so they are offering really good discounts.The main features of student loan consolidation are..· Reduced interest rates · Waiver of last 6 months installment · Reduction in principal amount · Flexible payment options.All this rebate is offered on Stafford loans and plus loans.The most common discounts offered on student loan consolidation are..1.0.25% reduction in rate if your EMI gets debited from your account directly.2.1% waiver in default fee depending upon the guarantor for the loan.3.Additional rebate on making timely payments.4.2% reduction in rate after completion of 48 months.Here is how you can get the best student loan consolidation rate..1.The rate for student loan consolidation will depend on customer's credit and financial state of affairs.Do a complete research and development on the rebates offered by different lenders and see which one is the lowest.2.Go for the lender who has multiple and flexible repayment options.3.Your lender must keep the rate fixed through out the life of the student loan.Search online and compare different type of rates offered by different lenders.4.With a student loan consolidation, look up for the facility of increment in tenure at a later stage of the loan.Check whether the bank has such scheme or not.With loan consolidation, you can actually low down the installment amount by increasing the life of the loan.5.If there is an "in school" facility available.If so, get your loan rate freezed while you are in school only.

Furthering your education is something that you may want to do immediately after high school or it may be something you put off and decide to do at a later time in your life.It doesn't matter when you decide to go to college or what you want to study when you go; people go to college to get an education to further their career, to make more money and to accomplish a goal.And one thing remains the same for every college student; classes are expensive.For some, this is not a problem.Scholarships and their own personal finances allow some students to go to college at any time without worrying about money.For others, paying for school is a struggle.This is why it is important for you to understand what college loans you can obtain and what eligibility requirements you must meet.For private loans for students issued by a bank or other financial institutions, you must have excellent credit - or a cosigner with excellent credit - to be issued a private student loan.For those students without excellent credit and/or a cosigner, the federal government offers federal student loans that do not require a credit check.Just about everyone is eligible for a federal student loan, but to ensure that you are eligible, you must understand the eligibility requirements.They are not too difficult or too complicated, but you need to understand a few requirements before you apply.Anyone that wants to apply for a college loan must meet all eligibility requirements.The first is that you must be a high school graduate or you must have obtained your GED.Additionally, you must be enrolled in an accredited college or university or you must have been accepted as a student at one of these.You must be a United States citizen or an eligible non-citizen, which means you must have your Green Card or you must be a student that is in the country for the specific purpose of going to college on a school Visa.You must also have a valid Social Security Number as issued by the Social Security Administration.Furthermore, you must maintain satisfactory academic progress while in school to maintain your eligibility for a student loan.You must not be in default of repaying another student loan and you must sign a form stating that you will use your federal student aid only to pay for college classes and other college expenses.The final eligibility requirement for obtaining federal student loans is filling out the FAFSA.The Free Application for Federal Student Aid is available on the internet or you can pick up an application at any college campus.You must fill this out and submit it to the federal government - it is easier and faster and you will get your results sooner if you fill it out and submit it online.Once the federal government reviews your FAFSA, your school will be issued the funds you need to go to college.You can accept the full amount of your student aid or you can accept only what you need to cover tuition.This is all you need to know about student loan eligibility requirements.