If everyone knew the benefits that follow a student loan consolidation, a lot more student loan borrowers would have already had one done. 

There are so many benefits that come with consolidating your student loans. Some benefits will take effect right away, while others will take time before they are applied.

Each situation is different, so everyone won't have the same degree of benefits, but in most cases, you will be in a better position by consolidating your loans, rather than keeping them separate.

What is Student Loan Consolidation?

Before deciding if a consolidation is right for you, let's go over what a consolidation really is.

In general, a consolidation is combining several debts into one.

When you consolidate your student loans with the Department of Education, they will pay off all of your loans and then reissue a new loan for the total amount. 

A federal student loan consolidation is often confused with a private student loan refinance. Refinancing student...

Formerly known as a pin, an FSA ID is the newest way to verify who you are with the Department of Education and is the only thing between you and viewing your student loans online. 

Complete the following steps to create an FSA ID:

1. Click on the link to create an FSA ID from fsaid.ed.gov or other U.S. Department of Education websites, such as StudentLoans.gov, StudentAid.ed.gov, National Student Loan Data System (NSLDS), and TEACH Grant.
2. Verify that you are at least 13 years old.
3. Create a unique username and password, and provide your email address. When choosing a username and password, remember that the FSA ID is an electronic signature used to apply for financial aid and sign loan promissory notes and other legal documents.
4. Provide all required personal data, such as your name, Social Security Number, date of birth, and contact information, as well as answers to the challenge questions you select.
5. If you already have an FSA PIN, you can link it to your FSA ID. This can speed...

What is an FSA ID?

Formerly known as a pin, an FSA ID is the newest way to verify who you are with the Department of Education and is the only thing between you and managing your student loans online.

If you or your children have applied for financial aid after May 2015, you most likely already have created an FSA ID. If not, the process to create one takes less than 10 minutes and is as simple as completing a form online. 

What can I do with my FSA ID?

You can use your FSA to complete different tasks online, including:

1. Exit counseling
2. Retrieve student loan info
3. Apply for student loan consolidation
4. Apply for Income Based Repayment
5. and more...

If you want to complete any application online with the Department of Education you will need to create an FSA ID. 

10 Signs Your Student Loans Are In Good Shape

In the previous post, we went through the first 5 signs to see if your student loans are aligned.  At this juncture, if you are still reading you are pretty confident that your student loans are aligned and you just want to make sure, or you are thinking I need to do something here, let me keep reading.  Below you will see reasons six through ten.  Remember we are here to give you some pertinent information and assistance if you would like, let us know….

#6 THEY’RE QUALIFIED FOR STUDENT LOAN FORGIVENESS

If you work as a public servant or you're someone that is experiencing financial hardship, you may be eligible for loan forgiveness.  If you know this you are on the right track.  We can assist finding out if you qualify. This is important because sometimes you may have a loan that does not qualify for this forgiveness, and you may need to consolidate to make your loans eligible.

# 7 THEY'RE NOT...

10 Signs Your Student Loans Are In Good Shape

The old adage of two sure things in life has now become three. The first two in case you missed this, are somewhere along the line of death and taxes.  In this millennium a third has been added….student loans.

If you've read this far, you probably have student loans.  For most people, they're a cause of concern, angst and stress and in some cases anger and frustration.  When you think of your student loans does one of those emotions come up? Know that you are not alone.  There are also a small handful of graduates that are not experiencing these emotions and there is a reason why.  Their student loans are in great shape.  

Because we like you - you're a nice person - thought you needed to hear that today, we put together a checklist of signs that let you know that your student loans are in great shape.  It’s not a perfect formula and you may not have all of the signs, but if you have most...

Drowning in federal student loan debt?

Don’t panic — you’re not doomed to spend the rest of your life slurping Ramen and sleeping in your parents’ basement while barely chipping away at your monthly payments…

Thankfully, the U.S. Department of Education (DOE) has finally released the details of its latest income-driven repayment plan, the Revised Pay-As-You-Earn (REPAYE) plan. This plan has the potential provide unprecedented relief to millions of those struggling with federal student loans who are ineligible for the Pay-As-You Earn (PAYE) plan.

Here’s what you need to know:

Increased Eligibility
PAYE is currently limited to what the DOE refers to as “new borrowers,” therefore icing out numerous student loan borrowers who have been in repayment for an extended period of time or simply have older student loans. The REPAYE program places no such restrictions on borrowers, opening up the program to millions. However, REPAYE is not...

Getting out of default on federal student loans is hard, but not impossible. There are fewer, but still some, ways to set up a new repayment plan after you have defaulted on your loan. If you are able to get out of default through rehabilitating or consolidating your loans, you will once again be eligible for the more flexible pre-default repayment options as well as deferments.

The Damage:

• the default status on your defaulted loan,
• the default status reported to the national credit bureaus,
• wage garnishment, and 
• any withholding of your income tax refund made by the Internal Revenue Service (IRS).

The two main post-default repayment programs for government loan borrowers are consolidation and rehabilitation. Before considering these options, you should evaluate whether you are eligible to cancel your loan. You may also want to think about whether you have enough money to settle your student loan debt.

As you think about rehabilitation and consolidation, try to be...

Welcome to the Student Loan Academy! 

We're very glad to have you here. Learn about your student loans through this series of walkthrough videos. The Department of Education has several programs in place that wll provide student loan relief and student loan forgiveness. Our courses will teach what you need to know about student loan forgiveness, income based repayment, and direct loan consolidation. Despite most recourses on the internet, you can rest assure the the information will be reliable and accurate. Most importantly, we teach you how to do all of this cost free and without giving out your personal information.

Click Here to join the Student Loan Academy!