Loan Consolidation options/limits for TERM of Loan?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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2807
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Joined: Thu Dec 17, 2009 10:23 pm

Loan Consolidation options/limits for TERM of Loan?

Postby 2807 » Mon Jun 11, 2012 10:34 am

My school cannot give me a clear answer. The bureaucracy is pathetic.

Does anyone know of the term limit/options for a consolidated loan?

There are limits, but most loans are so large that they do not have to consider them. My school is so used to "helping" with massive loans that they have no experience with this issue. Clearly.

If your loan is low (something like under 20k) then you MUST take a 10 yr term...etc..
..And as your loan grows, so does the term option.

My school said 25 years is the longest loan possible. I am unsure about that too.

I am trying to pin down the exact rules/options for TERMS-- based on the amount borrowed.

To keep it simple: Assume Stafford and Grad Plus only, then consolidated after graduation.

Thanks folks

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20130312
Posts: 3842
Joined: Wed Nov 09, 2011 8:53 pm

Re: Loan Consolidation options/limits for TERM of Loan?

Postby 20130312 » Mon Jun 11, 2012 11:02 am

Skip the school, go straight to the source of your loan. You'll find answers here:

https://www.myedaccount.com/




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