Illinois Federal Student Loan
Federal Student Loan
Illinois federal student loan are the most common type of loans available
to students. Approximately $60 billion is been disbursed to
students each year which are being administered through the U.S.
Department of Education
Illinois federal student loan have many advantages that cannot be found
with private student loans. For instance, the interest on Federal
loans is tax deductible. For certain types of service, Federal
loans may also be forgiven. Sometimes, payments on Federal loans
can be deferred when loan recipients go back to school.
Most Illinois federal student loan are eligible for consolidation. Loan
consolidation is a popular option for managing debts from Federal
student loans. Loans eligible for federal student loan
consolidation include the Federal Stafford Loan, Federal Direct
Loan, Federal Perkins Loan, Health Professions Student Loan,
Nursing Student Loan, Federally Insured Student Loan, Auxiliary
Loan to Assist Students, Federal Supplemental Loan for Students,
National Direct Student Loan, Health Education Assistance Loan,
Federal Parent Loans for Undergraduate Students, and the Loan for
There are a few requirements that must be met before loan
consolidation can take place.
i. First of all, students must no longer be enrolled in school.
ii. Students must also be in the "grace period" of the loan, which
is typically the six month period following graduation.
iii. Loan consolidation services may require a minimum amount for
loans in order to consolidate.
Loans which are ineligible for federal student loan consolidation
1. Loans obtained from friends or family members,
2. Loans from the college or university you attended,
3. Consumer loans from a bank or other type of financial
Non-federal student loans acquired from a bank, credit union, or
other financial institution cannot be included in your federal
student loan consolidation.