West Virginia Federal Student Loan


West Virginia Federal Student Loan

West Virginia 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

West Virginia 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 West Virginia 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 Disadvantaged Students.

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 are

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 institution.

Non-federal student loans acquired from a bank, credit union, or other financial institution cannot be included in your federal student loan consolidation.