Sunday, September 28, 2008

Student Loan Consolidation 101

Over $60 billion is allocated by the Federal Government every year to be given out in student loans. The first step in getting a federal student loan is to fill out the Free Application for Federal Student Aid (FAFSA) form, which can be done on the Internet. In order to be eligible for a federal student loan you must be a US citizen or an eligible non-citizen, posses a high school diploma or a General Education Development (GED) certificate and be able to demonstrate that you are in need of financial assistance for studies.

You can be disqualified from getting a federal student loan if you have a conviction on charges of doing drugs or possessing of drugs. In such cases, there may be a chance of getting student loans from the state, however. Try filling out the form anyway and verify the status later.

Its better to obtain student loan directly from the government agency and not through some private agency that may be a scam. Millions of dollars are pocketed by such frauds every year.

There may come a time after taking out student loans when you feel overwhelmed by all of your student loan payments. A student loan consolidation could offer you a lower rate of interest. If you are close to defaulting on your student loans or are having trouble with paying the monthly installments on your student loans, a student loan consolidation can help you. If you consolidate while you are in school, you must give up your six month grace period however. Student loan consolidations renew your deferment options if you have already exhausted the deferment options on your existing federal student loans. Student loan consolidations can be utilized by anyone with one or more federal student loans, and it’s free of any cost!

By Groshan Fabiola

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Saturday, September 27, 2008

Student Loan Consolidation

Every high school student thinks of college at one point in their academic life. They very seldom think of how they are going to pay for the cost of higher education. When they do, they just figure that they can apply for student loans, grants and scholarships.

Every year, billions of dollars in student loans are granted. What the student fails to consider is that how fast the years go by and it is then time to repay the loans. Often a student has more than one loan and the repayments can be more than what the student can handle. It often becomes overwhelming and the student cannot make the payments.

Student loan consolidation was designed to assist each student with the repayment of their loans while being able to pay their monthly bills also.

There are several different types of student loan consolidations. Each one was developed to assist a certain type of student loan. It is crucial that you choose the student consolidation loan that meets your needs.

The most popular type of student consolidation loan is a standard loan consolidation. This type of loan has a fixed interest rate, which makes your payments more consistent. The repayment time for a standard loan consolidation is ten years. It is possible to repay this type of loan early, however you may incur early repayment fees.

Another type of student consolidation loan is called an extended payment plan. This type of consolidation loan is the same as a standard loan however the repayment time is extended up to thirty years. It is important to note that with an extended repayment plan, the interest rate that is paid over the thirty years can be far more than the initial loan or loans.

A graduated repayment plan was developed for students who are already working in their chosen field and can begin the repayment process upon graduation from college. With this type of loan, the repayment amount begins very small and gradually increases throughout the years. The increase occurs every two years. The loan repayment time can be up to thirty years. Again, the interest rate on this type of loan can be very high and you could end up paying a lot more then you borrowed.

In the end, only you can decide if student loan consolidation is right for you. If you have a lot school debt, it may be in your best interest to investigate what your options are.

By Alan King

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Thursday, September 25, 2008

Student Debt Consolidation Loans

To carry out the burden of debts and fulfill them in accordance to time is, on occasion, too tough a job, especially when it comes to students. A debt always gives rise to a second debt, a second gives rise to third one, the third one gives rise to the fourth one and so on. Therefore, a vicious circle is grown and the person so related is always stuck in the great web of debt liabilities.

Arranging finance for the student for his or her education is always a challenging job. It might happen that a student might have taken loans from different sources, both federal and private. But to avoid such complications and fuss that might arise from multiple loans, especially for a student, a student debt consolidation loan is the best policy to make the whole process as simple as possible.

A debt consolidation loan is a very powerful tool. It is a settlement policy for eradicating such debts. A debt consolidation loan is nothing but a simple replacement of multiple loans with just a single loan. It renders great help to a student as it incorporates all the loans into a single one, with which the concerned individual feels comfortable as to his position. These student consolidation loans are provided to all kinds of students: research students, graduate students, even high school students. Sometimes the debt burden for the student loan becomes a key problematic issue for the future of the student. Usually the student loan is comprised of both federal and private loans, but it is always advisable to the students to consolidate the federal loan first and then the private loan.

By Marcus Peterson

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Wednesday, September 24, 2008

Exclusively For Students - Student Debt Consolidation Loan

Only a student knows how hard the life of a student is. With the pressure coming from all angles, it is difficult to keep focus on studies and the related matters. Money is an integral part of everybody’s lives and that includes students who need them for many reasons. Moreover, as with many people, there can be times where the pocket can be a little tight and the student may have to resort to taking loans from different sources. In this process, the students may find themselves subjected to pressures of paying interest rates for their loans. The better option then for all the students is to take a student debt consolidation loan.

A student debt consolidation loan will consolidate all the loans that a student owes and combine into one single loan. The advantages of this process are plenty as well. Advantages such as:

•The student debt consolidation will allow a student to focus on one single loan. This is relatively easier than focusing on multiple loans.

•The interest rate on student loans is very low, with usual interest rates ranging from 1% - 3%.

•The interest rates are charged only when the students are out of the college and have started working.

•There are many rebates that the students can get with the student debt consolidation loan that makes the repayment a lot easier.

•A lot of financial pressure is also removed of the students; this allows more concentration on the studies.

•A student debt consolidation loan also prevents a likelihood of a student being turned into a borrower with bad credit history.

With these advantages, it is better to have student debt consolidation loan than keep on fighting with the loan and its payments.

Any student who wants to apply for the debt consolidation loan has two options available to him, those two being:

Loans from government agencies– there are many government related organizations, which deal in providing loans to the students. So if a student wants to take an authorized loan then this is the answer.

Loans – Many other authorities deal in student debt consolidation loans. This is another option for students who do not get loans from government authorities.

The process of application is simple as well for the student debt consolidation loan. All a student borrower of the loan needs to do is just estimate his requirements and then submit an application to the lender of the loan. Being a student loan it will in all likelihood will be approved in a few working days.

By Elaine Owen

Check out the Related Article : Student Loan Debt Consolidation - An Overview

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Monday, September 22, 2008

Everything You Need to Know About Student Loans

This article discusses everything that you should know about student loans.
If you don't want to hire a student loan counselor then it is imperative that you read this article!

The Types of Student Loans

Private loans, Federal loans are the two types of student loans.

Federal loans can be deferred. Private loans have different terms.

A Federal Perkins Loan is a long term student loan with low interest. The college or university collects the payments. You should discuss and understand the terms of a Federal Perkins Loan with your college or university.

A Federal Family education loan or a Stafford loan consist of subsidized or unsubsidized terms. With a Subsidized Stafford Loan the government covers the interest on your student loan as long as you are enrolled in school and taking 6 or more credits. You can qualify by meeting the criteria for financial need. On the contrary with an Unsubsidized Stafford Loan the student must pay the interest on the loan while they are enrolled in school.

Another type of student loan is parent loans for undergraduates. No credit check is
made for federal student loans. But a credit check is required for parent loans.

Know your Student Loan Payment Options

You can increase the length of your student loans payment time to lower your monthly payments. You can also default payments your student loan payments. To default your student loan means: to not make any payments or arrangements for payments for at least 270 days. You can deffer your Student loans which means: put making payments off for some time. If you have a federal subsidized loan and you default your loan will not accumulate interest. This is good because the amount that you owe on your student loan will not increase. However once you start making the payments again you can expect the interest to began to go up as well.

Know your Student Loan Grace Periods

There are different options during the student loan grace period. The student loan grace period lasts for the first 3 months after you graduate college. This is the time to take advantage of your student loan repayment options. Find more information regarding student loan grace periods by referring to the resource box.

Know when to Consolidate Student Loans

Well the truth is student loan consolidation is not the answer for everyone who has a student loan. This is something that many students don't know.

Federal loans should consolidated separately from private loans because this allows you to get the best possible interest rates for each type of loan. It may be more beneficial
in some cases not to consolidate student loans because the payment plan may be extended so long it turns into a mortgage (30 year) . Student loan consolidation counselors get paid the big bucks to help you figure out this information. Don't spend another penny on a student loan counselor when you can get free information and free consultations from student loan lenders all over.

By Melvin Le

Check out the Related Article : Student Loan Debt Consolidation - An Overview

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Eligibility For A College Loan Consolidation

Private Student Loan Consolidation

The student loan consolidation rate offered by federal student loans is much lower than private student loans, and although most private student loans are not very cheap, it is usually replaced with one or more college consolidations. The benefit is that it reduces the single monthly payment.

Private student loan consolidation with graduate school loans involves integrating both into a single loan which involves better and lower interest rates as well as easy monthly repayment by increasing the term of the loan.

This benefit is applicable even if the private as well as college loan are of different types and involve more than one lender.

Criteria of eligibility for loan application:

* Students need to be the age of 18 years and above to apply for the loan
* Have a private student loan of a minimum of $10,000 in US
* Is in a position to repay the private student loan at the time of applying
* US citizen or permanent resident (eligible non US citizen)
* Sound credit standing
* Should be under repayment phase of student loans

College loan consolidation

College loan consolidation helps in reduction of monthly installments and help in extending the repayment period from 10 years to as much as 30 years.


* Reduction of monthly installments
* Reduction of student loan consolidation rate by as much as 5.375%
* Enjoy the benefits of a borrower
* various bills into one comprehensive monthly payment
* Lack of penalties if repayment is done in advance
* Better credit scores
* Loan interest is deductible from Federal Income Tax Return
* No added expense or fee
* Studying full time in an institute
* a loan grace period or debts (within six months from finishing school)
* Having no other loan consolidation.

By Adia O'Hara

Check out the Related Article : Student Loan Debt Consolidation - An Overview

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Sunday, September 21, 2008

Easy To Get Student Loans

College students today are lucky. When scholarships savings aren't enough students today can get various types of student loans.

As students proceed through college student loans do not have to be paid until the student graduates from college or quits.

Using a private loan can be extremely expensive to pay back at a high interest rate. To ease the burden on students upon graduation Federal student loans are available.

Private Student Loans vs. Federal Student Loans

The best thing to do is get a Federal student loan. Federal loans have lower interest rates and are readily available to students. Private loans are more expensive to pay back and are not recommended if they can be avoided.

The reason Federal student loans are so available is because graduates of college will usually make a lot more money than other people.

This gives the lenders confidence that their money will be repaid. The top education student loans are available through Sallie Mae.

Sallie Mae Student Loan

Sallie Mae is a financial institution than handles Federal student loans. Student loans given are from the government or Federal sources have more favorable terms than private loans.

Sallie Mae offers a combination of student loan options that can meet the type of financing needs of a student all in one place.

For example, the Federal Stafford loans are the most common. They have a fixed rate and low interest. These student loans are very available to undergraduate students.

To receive this loan the student must be attending an accredited school at least half time. The Stafford loan is the most common student loan used today

Generally speaking, student loans are easy for students to receive. Because of their fixed rates and low interest, the Federal Stafford Loan is the recommended one first.

A student loan can make the difference for students to graduate from college so more students are able to complete college today than anytime in the past

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Thursday, September 18, 2008

Do You Qualify For a Studen Loan?

A student loan is almost inevitable these days. Colleges and universities charge so much between room and board, but students also have to worry about books, supplies, food, gas, and even class or lab fees. College can cost upwards of $40,000 per student, and parents are not always able to help, even if they want to.

Filing for financial aid and applying for a student loan is simple, as long as you know how to begin your process. Believe it or not, obtaining money and a student loan for a college education is not as complicated as people think. The financial aid process is different for each student, but there are factors that apply to almost everyone who applies.

Firstly, everyone should apply for financial aid and a student loan, even if they think they will not qualify. There are a number of factors involved in the eligibility process and there is always a possibility for a person to qualify, even if all they thought they would get is an approved student loan.

Next, the application for Federal Student Aid (FAFSA) is free. It determines an applicants eligibility for student aid programs and many private grant and scholarship programs.

A student loan comes in different programs. There are two categories available for a student loan. One is government loans and the other is private loans.

Basically, the government student loan, also known as a Stafford Loan, should be what an applicant applies for first. Parents can consider a government student loan. These are called PLUS Loans and they are especially for parents. From time to time, a private student loan can be competitive with a government student loan program. Check the internet carefully to explore your options.

A Federal Unsubsidized Loan is a student loan based on no-need. Every student who meets the eligibility requirements could meet the criteria for Federal Direct Unsubsidized Loans. There is no need for a co-signer to apply for Federal Direct Unsubsidized loans.

A Federal Subsidized Loan is a student loan made directly to the student. A person can apply for this financial by filling out and submitting a Free Application for Federal Student Aid (FAFSA form). Fundamental criteria must be met, which is determined by people of the federal government.

As you can see, a student loan is easily accessible. The internet and the government both make the process simple and streamlined for your convenience.

By Guy Ray

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Wednesday, September 17, 2008

Direct Student Loan Consolidation

Students now have something else to bemoan besides cruel teachers, impossible assignments, and the pitiful amount of their school allowances. Since July 1, 2006, the rate for federal student loans had been officially increased making it the highest rate over the next 6 years.

If repaying your student loans is challenging your budget, or worse, putting your finances – and credit rating – in the red, you might want to think about a direct student loan consolidation.

Unlike other loan reduction methods, debt consolidation for student loans is easily accessible anytime, anywhere, and for anyone

With a direct student loan consolidation, you exchange your outstanding student loans with their higher interest rates for one loan with a more manageable, fixed interest rate.

A direct student loan consolidation may be the answer to more than one problem. If you have struggled to meet your monthly payments and in fact have used every option for deferment or forbearance your current loans offer, or find yourself about to default on your loan, a direct student loan consolidation can mean a fresh start.

Not only do deferment and forbearance options become available in case of need again, but often direct student loan consolidation gives you a much lower interest rate – as much as 0.6 percentage points – thereby lowering your monthly payments. And when you consolidate those student loans under a new loan, those loans show up on your credit report as paid off, and your credit score benefits.

While direct student loan consolidation may be the best way to get on top of student loans for some, if you are close to paying off your existing loans, it may not be worth it in the long run to consolidate or extend your payments.

direct student loan consolidation might lengthen the time you’re allowed to pay off your debt and reduced amount of monthly due, but it will increase the cost of your loan in the long run.

If you want to consolidate your student loan, do so now. Don’t wait for interest rates to rise even further.

By Supian Noor

Check Out the Related Article : Applying Online For Student Loans - Why, Where And How?

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Monday, September 15, 2008

Different Types Of Government Funded Student Loans In UK

As the rates of higher education is on the rise, student loans are now becoming more and more essential to any student who intends to pursue good higher education. Any student living in England can obtain higher education loans to meet his educational as well as maintenance costs through the government or from the universities.

The full time student loan granted by the government is more helpful to the student as they do not have to pay back the money until the completion of the course or till the student starts earning a pay of more than £15,000 per year. Apart from this, the grants or bursaries obtained by the full time students from the universities and colleges need not be paid back. The different types of higher education student loans that the government offers are:

Tuition fees

A student living in UK is eligible for higher education student loan if the person is doing undergraduate degree or post graduation in teacher training and the tuition fees loan will cover either the entire tuition fee amount or in part. The student loans for tuition fees are issued by the Student Finance Direct, a service that is run by the Student Loan Company with the help of the government authorities, directly to the universities or colleges. Any student intending to apply for the student loan for tuition fees has to check whether the course selected by the student is eligible for the loan.


Another type of government student loan available to the students in UK is financial cover for maintenance. This can also cover all the necessary maintenance costs like accommodation charges, transportation charges, stationary charges etc.

These types of loans are also issued by the Student Finance Direct and are paid to the bank account of the student in three installments at the starting of each term.

The amount that a student can borrow for maintenance may vary depending on different factors like the household income, place of stay while studying and the year of the course. If a student is already getting a maintenance grant, then the amount that can be borrowed for maintenance from the Student Finance Direct service is lesser.

By Liza Mathers

Check Out the Related Article : Consolidating Student Loans

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Sunday, September 14, 2008

Consolidation FAQ - Student Loans

There are many questions asked by students when they apply for a consolidated loan. Some of these questions involve the period for which the loan will be available, the rate of interest and other mind boggling questions. However if students needed to gain answers to these questions it is always necessary to contact a student loan website in order to satisfy all the queries to your questions.

A consolidated student’s loan provides variety of loan services in just a single loan that the student is going to take. It provides incentives to the student so as to enable him to pay the loan over a stipulated period of time with a fixed amount of interests.

There are various frequently asked questions (FAQ) that arise when students want to apply for a consolidated loan. Some of these questions can be as follows-

1. What is included in the consolidated loan? - Since the consolidated loan is a combination of more than two loans it is necessary to know the different types of loans that are available. Private loans and Federal loans are the combinations in the consolidation loans.

2. What is the rate of interest? - Banks such as Citibank provide fixed and variable interests rates. The rate of interest depends upon the term of the loan that the student will be applying for. The longer the period of the loan the lesser the rate of interest.

3. What are the eligibility requirements? - For most student loans the eligibility requirements are that the student has to be 18 years and above and must have a combined income of $18,000.

4. How does one apply for the loans? The loans can be applied online in the site that one has visited. The application for the loan can also be downloaded from the website.

These are just some of the questions that students encounter while applying for the consolidated student loans. However, it is necessary that the student choose the loan amount depending upon the study period.

By Mary Foster

Check Out the Related Article : Consolidating Student Loans

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Saturday, September 13, 2008

Consolidation - Student Loan Advice

Students should take good advice before they apply for a consolidated student loan. There are many students that have various questions regarding the nature of the loan that they should take. Most importantly it becomes necessary for students to be able to pay back the loan on time.

It certainly becomes difficult for students to choose the right kind of loan scheme specially when there are many schemes that a student should choose from.

Before opting for any consolidated loan students should be aware about the right criteria’s in opting the loan. There are many questions that come to ones mind while selecting a loan. These questions can be of the following type-

What is the interest amount for a students consolidated loan? The interest rate for the loan can be variable or fixed. In a variable interest rate, the rate of interest fluctuates till the loan is paid back.

Whereas in a fixed interest loan amount the interest rate is fixed throughout the period.

How do I decide upon the scheme of the loan? Students can either choose a Federal loan or private loan scheme. The rate of interest differs on these interest payments. Sometimes over a period of paying the loan the rate of interest reduces.

Should I apply for a long term loan? The period of taking the loan actually depends upon the study period that the student is going to take up. If a student has applied for a loan amount only for graduation then he can upgrade that to post graduation or any other areas of further studies. By doing so the student will gain lower interest rates for the loan.

These are just some of the advice concerning student consolidation which will provide the student with adequate knowledge so as to choose the right loan with the right kind of interest.

By Mary Foster

Check Out the Related Article : Consolidating Student Loans

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Friday, September 12, 2008

Consolidation - Defaulted Student Loan

With the cost of higher education being really high, students have to take loans in order to help them cover their educational costs and to manage their funds. Taking credit from various sources during different periods of time and with different rates of interest, it becomes difficult for students to repay their loans and to manage their funds.

Student loan consolidation is one of the easiest methods of easing the pressure of repayment. It is an option available to undergraduate as well as graduate students and helps them avoid default of their loan. Such a method helps by combining the various loans taken by the student and dissolving the various repayment terms and schedules into one blanket loan. This system also offers a lower rate of interest (with interest rates falling by as much as 40%) along with providing a longer time of repayment.

The problems arising out of a defaulted loan are many, such as: lawsuits, seizure of federal and state tax refunds, as well as a bad credit rating which could hamper the chances of qualifying for a loan in the future.

However despite these facilities, some students have been known to have defaulted on their loan. A repair option available for them is to get a loan consolidation on their defaulted loan to qualify for which the student needs to repay up to three months of his repayment on time. This enables him to obtain a federal consolidation loan in which the lender pays off the student’s loan and issues him a new loan, reducing the rate of interest and increasing the repayment time.

The credit rating of the student is also revamped to reflect that his loans has been repaid using consolidation. The best way towards the consolidation of the defaulted loan of a student is to approach a student loan consolidation company which can assess the student’s financial situation and come up with an appropriate consolidated loan.

Check Out the Related Article : An Overview of Student Loan Debt Consolidation

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Thursday, September 11, 2008

College Student Loans - Your Own College Can Help Your Finances

The source of funds for a college loan does not alter the expectations of the student who is awarded that loan. Every lender of a college student loan has certain obligations.

What to Expect from the Lender of a College Student Loan

Every lender of such a loan needs to supply the borrower with certain information. For example, anyone who receives one of the college student loans should receive a detailed repayment schedule.

Yet a borrower looks for more than just a repayment schedule. A borrower needs to know the loan rates and the loan fees. A person who is awarded one of the college student loans should also be provided with information about the balance owing on the loan and the payment options.

Once the borrower has paid the loan in full, then he or she should get written confirmation of that fact.

Rights of Students Awarded One of the College Student Loans

A student who struggles to make payments on a student loan has a right to defer payments for a defined period. A student who feels unable to fully repay a loan might qualify for forbearance on that loan. College student loans give qualified students the right to request such forbearance.

A student provided with money through a college student loan should look into the possibility of getting a graduated payment schedule. An income-based payment schedule might also be an option. Some private lenders of college student loans (and all sources of government loans) allow for early repayment of that loan, without charging a prepayment penalty.

Obligations of Students Receiving One of the College Student Loans

While any student can request deferment on a loan, or forbearance on a loan, the student making that request cannot assume that it is granted. The student must continue making payments on his or her college loan. Moreover, the student must keep the lender informed of any changes to his or her vital information.

Suppose, for example, that someone getting one of the college student loans changes his or her address. The lender must then be provided with the new address. Suppose a student awarded a college loan changes his or her job. The lender must be given the name and address of the new employer.

A name change for a loan recipient should not be hidden from the eyes of a loan lender. By the same token, a student awarded one of the college student loans needs to keep the lender apprised of any change in his or her phone number or Social Security number.

A student can maintain a respectable credit score if he or she fulfills all the above-mentioned obligations. Such a student has clearly shown a willingness to act “in good faith” towards the lender of the loan money.

By Martin Haworth

Check Out the Related Article : An Overview of Student Loan Debt Consolidation

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Wednesday, September 10, 2008

College Student Loans - Financing Your Education!

A college student loan has given many people all over the United States a chance to further their education, even if they are not making a lot of money. Education student loans can be a big help in paying for college. You'll find most of these federal student loans offer a low interest rate and a generous repayment terms. Of course, all direct student loans, federal student loans and private student loans must still be repaid, usually with interest, although some educational student loans have provisions for cancellation if the borrower performs a program-related service.

If you are looking for a loan, be aware that there are many different types of loans. Try to find the student loan that suits your needs best. For example, there is a government student loan called the Federal Stafford Loan, This loan is the most widely used student loan in the student education loan program. Federal guidelines limit the maximum interest rate to no more than 8.25% and outline repayment terms of up to 10 years. Also remember that if you ever need help or are falling behind on payments, consider a consolidate student loan.

Tips on getting a deferment for your College Student Loan.

If for some reason you are unable to meet your monthly payments, consider a college student loan deferment. A deferment is a suspension of payments for special reasons. Usually, those who borrowed their first Stafford Loans after July 1, 1993, are eligible to defer payments if they are enrolled in at least half-time at an eligible school, unemployed, in a graduate fellowship program, in a rehabilitation training program for people with disabilities, or suffering economic hardship.

A college education is expensive, but with the right student loan you will be attending class without financial worry in no time at all! A deferment is basically a privilege if you are planning to continue your academic studies, make sure you contact and get all your correspondence to the student loan company informing them of your deferment plans. If you defer, the federal government will maintain the interest payments on your subsidized Stafford student loan. Please note though that the interest on your student loans will continue to accrue during your studies, this being capitalized when you graduate. If you have an unsubsidized student loan and your budget allows it make regular payments on your unsubsidized loans during your studies, this will help you in the long term.

By A Procos

Check Out the Related Article : An Overview of Student Loan Debt Consolidation

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Wednesday, September 3, 2008

Cheap Student Loans - Make Collage Studies Less Burdensome

Collage studies are always very costly as lots of expenses are involved. The student has to pay for costly books, hostel accommodation, tuition fee and host of other expenses. So a loan becomes inevitable for most of the students. The loan should also come at cheaper rate so that the student feels no burden while concentrating on studies. Cheap student loans therefore attain importance for a student.

When we speak of cheap student loans, clearly we mean that the loan should be of lower interest rate. There are many ways available to a student that he takes a loan at cheap rate. The best considered way is to look for student loans that are sponsored by the state governments who provide subsidy on the loan and so the student pays less interest on them. Such cheap student loans come at relaxed repayment duration and options as well.

In case you are taking a student loan from private lender, then the rate of interest gets cheaper if you are willing to provide some security to the lender. Of course a student usually does not own a property, and so his parents can take the loan for the student on offering the security. On securing the loan amount the lender will surely offer student loan at cheaper rate of interest.

If a student has bad credit due to late payments or payment defaults on previous loans, the best way to take student loans at cheap rate is to have a co-signer. Your parents or any person who has a good credit can co-sign for a student loan. Excellent or good credit of the co-signer gives more assurance of the safe return of the loan amount and lender therefore is willing to reduce the rate of interest. Make sure to compare lenders who claim of providing cheaper rate on student loans for a suitable deal.

By Peter Taylor

Check Out the Related Article : American Student Loan Offers

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Tuesday, September 2, 2008

Best Consolidation Loan Student Program

The best consolidation student loan program depends upon the period and the level of interest that the program will charge. The consolidation loan combines other loans such as the Federal and private loan to give the student best financial benefits.

Students who usually opt for a consolidated loan may not be able to afford the educational costs at the current moment, but by working alongside with the job they can pay back some of the loans. Otherwise a stipulated time period of 30 years is given in paying back the loan with interest.

In order to consolidate your loan it is necessary that you get the lowest interest rates if you are planning to finance your studies for higher studies. Moreover it depends, whether you have opted for a Federal loan or a Private loan. In order to gain the best loan it is important to consider the following factors-

1. By choosing a student’s federal loan the student can get reduced monthly payment, Lower interest rates, no requirement of credit or income checks and accessibility to loan information online are just some of the features to look for while considering a federal loan.

2. If you opt for a private loan it should enable you to receive interest reduction as much as 0.25% in the first few months of paying for the loan. The private loan should also enable the student to choose a variable or fixed rate of interest depending upon the student’s requirements.

3. Since the consolidated loan is a combination of Federal and private loans it becomes necessary to choose a consolidated loan that would offer the best features within these loans. For example you can gain double benefits from these loan schemes as Federal and the private loan schemes offer different interest rates.

Therefore the best student consolidation loan program should have all the features as were discussed above. Moreover the best loan should allow the student to gain financial benefits that won’t cause any financial hurdles during the study period

By Mary Foster

Check Out the Related Article : American Student Loan Offers

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Monday, September 1, 2008

Benefit Loan Consolidation Student

Do you want to get rid of your student loan? Are you tired paying the monthly installments? There is a solution for your problem and the solution is called student loan consolidation.

Student Consolidation Loan

It means merging all your loans into one and with a payment of one single monthly payment. Don’t get confused. It means that all the previous student loans you had taken are written off and in its place one new student loan is formed and you have to pay back the new loan monthly.

Benefits of loan consolidation:

Lower Monthly Payments

Since you consolidate all the loans, so now you need to pay back only one loan instead of several loans and hence your monthly installment is lower.

Payment of One Loan Monthly

Managing one loan is much easier as compared to several loans all with different deadlines of payment. This also helps you in paying back all the loans in just one single loan as with several loans you may end up forgetting about one loan completely.

Fixed and Low Interest Rate

If you consolidate all the loans, you will get the advantage of lower and fixed interest rates. According to the current law, interest rates for student consolidated loan cannot go beyond 8.25 percent.

No Processing Fees or Credit Card Check

You don’t need to have a credit card now to apply for a student loan consolidation. The payment terms and conditions are flexible to a larger extent and can be customized according to your financial capability.

Now Payment Is Easier: It Can Be Done Electronically

It is not mandatory for you to pay back your student consolidated loan electronically, but if you do it electronically you get a discount of 0.25 percent on interest rates.

By Mary Foster

Check Out the Related Article : American Student Loan Offers

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