One of the biggest myths when it comes to student loans is whether you can combine your Federal and private student loans. Well, since the middle of 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders.Think about it: you just graduated from college and you have a combination of about five different student loans. However, there are times when combining all of your loans (both Federal and private) makes sense, and there are times when it may not.
The Free Application for Federal Student Aid (FAFSA) is used by schools to determine your eligibility for federal student loans and other federal, state, and school aid. Department of Education (DOE) will mail you a Student Aid Report (SAR). Recently there have been advertisements and infomercials on the radio and television regarding defaulted student loan debt relief .Private companies are stating they can help stop harassing collection calls as well as restore credit for defaulted student loan debt.The federal loans described on this page are all guaranteed by the Federal Government. Ford Federal Direct Loan Program, which means students or parents borrow the money directly from the DOE. The federal Stafford Loan is one of the most affordable federal student loans and most students qualify for it.Depending on your financial need, you qualify for subsidized or unsubsidized loans. Federal Stafford Loans can be used for tuition and other eligible expenses.