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Federal Loan Consolidation Programs: Basic Secrets to Qualification


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There is no shortage of challenges to business owners when it comes to operating in the current economic climate. For many small and medium sized business owners survival can often be a matter of securing federal support, but the loans secured must be repaid, increasing debt pressure. Thankfully, federal loan consolidation programs can ease that burden.

The reality of operating in a recession is that revenue invariably falls. This has a negative effect across the board, not just lowering profits but reducing the ability to repay the loans that have been taken out. But if consolidation program approval can be secured, then the debt spiral can be stopped short, and the chances of turning the corner increased.

Of course, not just any business can benefit from a consolidation program. This is because the program is designed to help businesses that have numerous federal loans and are struggling to repay them.

The Qualification Criteria

In the private sector, consolidation programs are open to almost anyone. In fact, it really just comes down to taking out a loan to repay other loans. But for federal loan consolidation programs, it is necessary to qualify, with only businesses in real need of financial aid in the running to join any of the available programs.

The qualification criteria is not particularly difficult, but amongst the basic criteria is the stipulation that applicants have already received federal aid. Also, getting consolidation program approval depends on the applicant operating in the areas of agriculture or business, and having received financial help.

Agricultural loans must have been issued by the FSA, with Farm Loans, Commodity Marketing Loans, Ownership Loans and Farm Storage Loans the 4 qualifying financial packages. Business sector federal loans that qualify include Small Business Loan, Disaster Loans and Physical Disaster Loans.

Required Secondary Criteria

Once the status of the business (or farmer) has been confirmed, there are some secondary criteria applicants must satisfy before being in a position to benefit from federal loan consolidation programs. However, even federal aid recipients are not guaranteed approval.

Documented proof of financial hardship is a central condition of the application process, so business owners need to be able to show an inability to make repayments before they can be considered for consolidation program approval. It is also necessary to show a constructive and detailed plan how the program will benefit the business.

In some cases, the need for a federal loan is much more obvious, such as businesses that have suffered from a natural disaster, like a flood, hurricane or earthquake. The physical damage is clear to see, so qualifying for a consolidation program is quite straightforward.

Benefits of Federal Programs

The benefits of turning to a federal loan consolidation program are pretty clear, with lower interest rates and more flexible repayment schedules available than those offered by private lenders.

But the benefits extend beyond these positives, with long-standing advantages to look forward to too. For example, the whole idea of a consolidation loan is that the remaining balances on existing loans are paid up in full. As a result, the credit history of the borrower is improved.

Consolidation program approval means the debt situation is greatly simplified. Several debts with different interest rates are replaced with one loan with one interest rate, creating significant savings and effectively freeing up more revenue for other business matters.

With all of this in mind, clearing federal loans though one of the consolidation programs available is arguably the perfect solution to financial troubles.

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