5 (FIVE) Basic Questions For Student Loan Consolidation

In the perspective of many people, student loan bills extraordinary and frustrating, especially when the job market is unstable right now. For those who are unemployed graduates, at the monthly payment amount of students in each bill is a stressful thing, because they are unable to pay the loan without any income. Their immediate action is recommended to take a loan to consolidate all of their studies into a single loan and defer payments.

If you're like other students who have little information about student loan consolidation program, here are some guidelines for you when you consult with a loan consolidator in the market. There are 5 basic questions you need to ask in order to gain a better understanding of the program. It is important for you to identify whether the program is beneficial for you or make you a bad credit score.

Question 1:

Who is eligible for consolidation?

For students or graduates who have never consolidated their study loans, they are eligible for this program. You can only consolidate loans that are under your name. As a student, you can only consolidate your loans during the grace period or after the repayment of a loan phase has begun. If you're married, you and your spouse are not allowed to combine your loans together.

Question 2:

Are there any additional costs that occur if I consolidate my study loans?

The consolidation process is absolutely free. Therefore, you are reminded to stay away from the people who consolidators charge additional fees to consolidate your loans. In general, many consolidators are also ignoring the prepayment penalty. If you pay back your loan ahead of schedule, you are not required to pay the fine.

Question 3:

What's new on the interest rate for your new consolidation loan?

When you decide to consolidate your student loans, it will only benefit if you can get interest rates lower. The ideal level for a federal consolidation loan is 6% and for the consolidation of private loans, it is best to under 8%.

Question 4:

How long the duration of a new repayment plan I?

If you have a very tight budget, you are advised to check with consolidators if you can extend the payment period for a period longer. If students are a very large debt, you have to find a plan that allows you to extend payments up to 25 years.

5 Questions:

Who is the lender?

You have the freedom to consolidate your loans with the lender. Key point here is you are advised to seek reliable consolidator in the market that can really help you to reduce your monthly payments and save money in the long run. Sign up plan truly in accordance with financial needs.

By Jeslyn Jessy

4 Types of Student Loan Debt Consolidation that Have to Know

If you have several student loans to repay concurrently, it can be hard and difficult to manage financially. Luckily for students, there is the option to consolidate all student loans together. We call Student Loan Debt Consolidation.

What is student loan debt consolidation?

It simply means consolidating all student loans into one, so you only have to make monthly payments to one lender rather than several. The advantage is that you pay lower interest rates and most student loan debt consolidation has a period of higher payments.

There are many financial institutions and banks that offer student loan debt consolidation. They will pay off existing student loans each lender. They will then consolidate into one loan. New interest rate student loan debt consolidation is then calculated by taking the average interest rate of your previous student loans. That's why your student loan debt consolidation interest rates lower.

Some student loan debt consolidation can be paid at a fixed interest rate even though so be sure to check with your lender first.

There are 4 types of student loan lenders debt consolidation plans available from each with pros and cons.

1. Standard Payment Plan

Standard payment plan offers a maximum of 10 years to pay off your student loan debt consolidation at a fixed rate. Payment is calculated by dividing the number of loans in that period at a fixed interest rate.

2. Extended Payment Plan

There is also a choice of repayment plan is extended. This is the same as the standard repayment plan unless he stretches the maximum repayment period of 30 years. The length of repayment depends on the total loan amount.

You should note that you may end up paying more by selecting a repayment plan is extended for a fixed interest rate. On the other hand, the monthly payment would be easier to handle, so you'll have to decide how much you can afford to pay each month.

3. Graduated payment plan

Graduated payment plan has a maximum repayment period of 30 years with extended repayment plan. However, the amount of your monthly payment will increase every two years.

4. Income Payment Plan

Repayment plan for income, monthly payments are not fixed. But is determined by several factors such as the amount of total student loans, family size and income level you are. The maximum repayment period is 25 years.

So how do you decide which student loan debt consolidation is right for you? Here are some tips. If you are close to paying back your student loans, then there is no need to get a student loan debt consolidation unless you estimate the cash-flow problems in the coming months. Consider your financial status now and in the coming months or years. Are you able to pay the loan comfortably? Getting a new student loan debt consolidation is also a good way to improve your credit score because you have effectively clean your old student loans and get a new one.

By Ricky Lim

THREE Best Online Student Loan Consolidators

For people who have the intention to consolidate student loans, the Internet can be regarded as the most convenient way for them to complete the process. In addition to using online loan calculators to get a rough figure monthly payments, interest rate and term of new loans, you can also search for the best student loan consolidator to manage your loans. Your key task here is to find the right online lender and the appropriate interest rate.

Did you know that you really can reduce monthly student loan payments by 60% if you successfully find the best deal? When making comparisons between lenders, there are 3 key factors you should consider: the monthly payments, interest rate and loan terms. Let's see 3 top online consolidators loan is recommended by the people. They have the same characteristics. They offer university graduates the best rates and they help to save money during the economic crisis.

Dot Com debt consolidation is a debt consolidator company operated by landing the largest debt, Credit Exchange in the United States. Has been operating for nearly 10 years. Their online application is very user friendly and you can know immediately whether you are eligible for loan consolidation study. Adjusted debt elimination plan, you can get the best path to a particular financial needs.

Direct loan approval is not a financial institution but provides a free service for consumers who need financial assistance. By submitting your application online, these online service providers will help to find the best lenders to suit your financial situation. You can enjoy benefits such as lower interest rates (as low as 6%), instant approval credit without collateral, the loan limit up to Rp 125,000, etc.

Are you familiar with Next Student? This is a consolidator for both federal and private student loans. If you recently graduated or if you will graduate soon, please contact the company to find out how you can reduce monthly student loan payments. In addition, online lenders also provide funds for people who need money for higher education.

By Jeslyn Jessy

Unsecured Debt - Student Loan With No Collateral?

Different Lenders Different Needs

Securing a good quality education is not within the reach of those who are not financially secure. This is the reason why students often opt for student debts to pay for all expenses involved in their education. Different lenders provide different loans that can be used to meet different needs. However, students rarely have any asset which can be provided as a bilateral.

Check Your Choices

It is incorrect to say that unsecured debt is not a reliable source of funds for one's education. There is a lot of choice available as far as unsecured debt for students is concerned. These can include scholarships, grants, federal and private loans. These loans can be used to fund the education and must be repaid after graduating from college. You need not pay before that period. If you check the internet and the departments for financial aid at colleges, you can have data on this aspect.

And What Are The Advantages?

If you want to reduce the burden of student debts on your finances, you can opt for consolidation of your student loan or refinancing of the student loan. There are many advantages associated with student loan consolidation. Your interest rate comes down along with your monthly payments.

A Way to Revitalize Your Finances Fast

This is more than sufficient to revitalize your finances. You can quickly bring down the number of creditors and keep track of payments without any difficulty. Nothing can be more confusing than dealing with numerous creditors at once.

By Michael Clifford Ramsey

A Brief Intro of Student Loan Consolidation

Many University or College students find themselves in a tough position because they cannot pay their loans and other outstanding loans with interest rates. A student loan consolidation allows you to incorporate everything into one single loan with only a single monthly payment. The rate is an average interest rate of your flexible loan rates. There are many advantages of obtaining a consolidation, such as allowing you to pay only one monthly payment at a lower amount for a longer time. Depending on your loan, student loan consolidation can be repaid up to 20 or 30 years.

It is important to know what types of loans are eligible for a consolidation. Here are some examples that are eligible: subsidized/unsubsidized federal student loans, federal direct lending student loans, federally insured loans for students, Federal supplementary loans for students and students' loan for health education assistance. These are only a few of the options, there are many more available. If you want to find out what other loans can be added to your student loan consolidation you should contact the Direct Loan Origination Center's Consolidation Department. If you took a loan from FFEL (Federal Family Education Loan) program, you should contact a FFEL lender for more information

A helpful fact you should take note of is that student loan consolidation can be obtained even after you graduate, leave school, or drop below half-time enrollment. For undergraduates, half-time enrollment is generally 6 credits. For graduates, half-time enrollments are 3 credits. You can even obtain a student loan consolidation when you are in school. However, to be eligible for a student loan consolidation during school, you must currently have at least a FFEL loan or one Direct Loan during the school period.

You must also follow a few financial criteria in order to be eligible for a consolidation. Forbearance and deferment on all loans are actually being consolidated only if you are in a grace period. Your payment schedule must be on time or satisfactory with your defaulted loan holder and finally, you must agree on an income sensitive payment arrangement on consolidation of your loans.

By Elgin Still

Online Student Loan Consolidation - Where to Find the Best Deals!

Are you a recent graduate or getting ready to become a graduate of whichever college or university you have been attending? This is a great time in your life because you are going to be making some major changes, taking some steps forward, becoming an alumni, and best of all you get to start paying on your student loans. There is an easier way to deal with your loans and it is called online student loan consolidation. Here is how it works.

There are a few things you have to understand before we get into online student loan consolidation. First, when you took out student loans each semester you probably took at least two different loans. This means that over a 4 year period you have at least 16 different loans. All of these are going to have payments of some amount due 6 months after you graduate or stop going to school. This will make life very strange as you try to manage all of these payments each month.

Second, you also need to know that you have more options for payment of these loans than just online student loan consolidation. You also have the option to defer your payment for up to 2 more years after the 6 month period. Also, any time you cannot make your payments you can use a 6 month period of forbearance for a financial hardship. You should also know that if you are enrolled at least part time in any school you do not have to pay on your loans.

Now onto the consolidation portion of this article. You can do this right online through many different lenders. The major things you want to make sure of is that you are going to still have the deferment and forbearance options, you will have a comparable interest rate to what you already have, and you will be able to get a monthly payment that you can afford. This will make your loans much easier to manage and you will be in a much better position financially by using online consolidation for your student loans.

By Chad Wistick

Easy Federal Student Loan Consolidation

There is rarely a college student that makes it to graduation without needing to take out a loan. With so many things to buy and very little money while attending college, many college students graduate only to find that the student loan debt that they have accrued is a monstrous amount and that the payments that they must make each month takes up the biggest part of their income. Student loan consolidation is for students who have taken on too much student loan debt.

It can help you turn your financial situation back around by allowing you to consolidate your many loans into one big loan with one monthly payment that better suits your available income and budget.

Federal Government Student Loan Consolidation Options

There are two options that students can look to under the federal government to consolidate. One is called the Federal Family Education Loan program and the other is the Federal Direct Student Loan program. These programs can help you if you owe federal loans that were guaranteed by the U.S. Department of Education, including the Stafford loan, Perkins loan, and Parent Plus loan. These programs offer consolidation at a fixed rate - which means that your rate will stay the same for the entire time that your consolidation loan is in repayment.

Reduce Your Monthly Student Loan Payments

One advantage of taking out a consolidation loan under these programs is that the terms offered for repayment are longer than with some types of consolidation. In fact, payments can be made under these programs for period of time as short as ten or as long as thirty years. This will make the monthly payment that students must come up with each month lower.

On the negative side, a lower monthly payment paid out over a greater number of years can cause the consolidation loan to cost more because there will be more interest charged. Another disadvantage of the government facilitated consolidation loans program is that only student loans from the federal government can be included in the consolidation. The many students that have them with private lenders would not be allowed to add those to the consolidation loan.

Consolidating Private Student Loans

Some borrowers may do better with a private consolidation program. Private consolidation servicers can consolidate the bulk of your debt. Like the government student loan consolidation programs that are discussed above, you would be able to make one monthly payment that reflects the entire balance of student loan debt that you have accrued during your academic career.

With either program that you choose to utilize, a big benefit of consolidation is that you are usually able to negotiate a more favorable rate on your consolidation loan than you are currently paying to your existing lenders. Even a savings of one percentage point in interest can literally save you thousands of dollars during your repayment. And since student loan consolidations are usually written only at fixed rates, you do not have to worry that your loan payments will increase with fluctuating market conditions.

By Jess Peterson

Student Loan Consolidation Interest Rate

When you are consolidating your student loan, what is the first thing that goes to your mind? A lot of you might say it is the interest rate. There is nothing wrong with that, in fact, as a consumer, you deserve the best interest rate when you are consolidating your loans. So, below are some tips to help you to get the best interest rate.

1. Credit

The easiest way for you to earn the best rate is to have a credit score of at least 660.

2. Other criteria

However, there are also other factors involve which can affect your interest rate such as your family size, the loans you are holding, future career, annual income and co-signer credit history (only needed when you are going for private student loan consolidation).

Let's take a look at the income contingent repayment (ICR) plan. In this plan, your minimum monthly payment is just $5 and this amount shouldn't be much of the trouble for most of you. However, you can only qualify for this plan when you have a family and you are a direct loan borrower. So, you see, there are much more involved than credit score when you are talking about the rate for your student loan consolidation.

3. Amount and period

The more loans you consolidate and the longer your loan period, the better rate you can get. However, this is not something worth cheering of. Although you can enjoy low rate, you are actually paying more at the end of your extended loan period.

4. Federal or private

As you probably know, federal loan consolidation doesn't care what your credit score is, it merely locks in the lowest rate for the whole loan period. Since the interest rate for federal government student loan consolidation is review at July, 1 every year, it is best that you consolidate your student loans after that.

Although private student loan consolidation rate can fluctuate with the market rate, this means that you can negotiate your interest rate with the private loan consolidators. You can even enjoy lower rate when you and your co-signer credit history are good. Besides that, private loan consolidators also offer various discounts and incentive so that you can save some money even you are not eligible for fixed interest rate.

5. Online services

Speaking of discounts and incentives, more and more loan agencies are willing to give you a better student loan consolidation interest rate when you adopt their online services.

And to minimize long hauling discussions, a lot of loan agencies are starting to display their repayment package and rate online. This can save you a lot of time when you are researching which loan institution to go to.

By Michael Wai W

Seek Sound Advice Before Consolidating Student Loans

There's a lot of of college loans procurable for College Students who's searching financial aid to go to a University. A popular college loan consolidation avenue countless students take is through the U.S. Government Federal Loan Program. A Free Application for Federal Student Aid (FAFSA) form must be filled out before a Student can be considered for a particular government student loan. There are also four types of government loans namely, Graduate PLUS Loan, Parent PLUS Loan, Perkins Loan and the Stafford Loan. With inumerable web sites and supposedly experts in the media, it is important that a Student get the best student loan consolidation advice they can procure.

A student financial future may hinge on whether or not they decide to consolidate their student loans. Student loan consolidation simply means the act of obtaining one loan to pay off all the others, thus creating one loan where a Student or the Parents may have had 2 or more loans to pay off. Government student loan consolidation can make a borrower choose from the four repayment procedures like the extended payment plan. Consolidation of student loans generally results in a lower monthly payment with no penalties included for the early paying off of the loan.
In most cases, students and parents will find that there is no credit check required to obtain these Federal consolidation loans. Plus, it's possible that your interest rate will be lower as well. And also, if a government student loan is consolidated its application process will be a lot simpler. Those with Private student loans need to review the pro's and con's of private student loan consolidation before applying.

The lower monthly payment you may receive when consolidating will help ease the burden of paying this loan back. This helps many students get on their feet and obtain a good paying job so that repaying their student loan doesn't put them in in a financial crisis.

One needs to know the pitfalls associated with student loan consolidation. Student loan consolidation is not a good choice for everyone. There are shortcomings to consolidating your college loan, and there are darn few people who will warn you about these dangers, especially the lenders.

Many parents and students fail to act after consolidating their student loans. Meaning that they fail to improve upon their financial circumstances. Consolidation gives you a chance to get on your feet again, but if you go right back into debt or fail to get out and get a good job, you'll likely be right back into a financial crisis when it comes time to start repaying your student loan.
Should you be thinking about consolidating your Federal loan during the six month grace period, think again. Consolidating at this time will result to the loss of the rest of the grace period. Additionally, a consolidated loan means an extended payment plan which can cause a the total amount to be paid back to be raised as time goes on. This can make the total amount of money paid back to increase by thousands of dollars.

Federal student loans are truly a gift for students who are in need of financial aid. However, consolidating it may or may not have a positive effect on your long term financial situation. Smart students and parents will do their due diligence when researching on whether or not to consolidate college loans.

By: Dale Z Kacheezey

What One Must Know About A Students Loan Consolidation Program?

It is generally asked by the students what the loan consolidation is all about? It is an act of combining more than one student loan into a single loan. In other words if a person has more than one loan to be paid, in consolidation of loan he combines them all into a single loan to be paid only once in a decided or defined time period to only one center or company.

In this way a Student Loan Consolidation Program is a program of loan repayment for college students or graduates. For example if a student has taken five government loans, with the help of this program he can consolidate them all into a single loan. Five separate loans taken previously shall be considered paid in full, and he shall have to pay only the consolidated loan with newly defined terms and conditions. He will have to keep in mind just one due date, and just one center.

Mostly this program suits more to a student who has taken so many loans in past. A student interested in this new loan should first consider the available options. He should decide carefully if the guaranteed state loan suits him more or the plus loan or even a private student loan.
However, these programs are only available to students who have a lot of educational loan debt. Before accepting any financial aid, you should first ask about the options available. After that, then you can decide if you can qualify for a guaranteed state loan, a plus loan, or a private student loan.

Entrance fee, Examination fees, laboratory fee, library fee, board or lodging and traveling abroad for studies are the expenses a student has to consider before applying for a student loan. Now if he has taken his degree and he has $25,000 to be repaid he can qualify for refunding some cash in consolidation programs. He can also have some additional rate reduction.

On a consolidation loan, the rate of interest is based on the average rates of interest on the loans a student decides to consolidate. Once the rate is decided it will remain unchanged throughout this new consolidation loan. The rate, however, should not increase from 8.25 %

By Anthony Banks

Check Out the Related Article : Student Debt Consolidation Loans

Why Students Opt for Student Loan Debt Consolidation

Going to college is not easy today. The fees, books, travel all bring up a hefty sum of money that has to be spent for college education. Some people may in fact, have to take out some student loans to cope with all these fees and rising costs. With these loans, there comes with it monthly payments to be paid, and sometimes, this in turn leads to more loans that will be used to pay back these loans.

Usually, the consequences of all these loans are debt, and to come out of student loans, students often opt for student loan debt consolidation. When we speak of student loan debt consolidation, all the student loans will be consolidated into a single loan which is called the student loan debt consolidation loan. With this loan, there is no need of keeping track of all the individual student loans, and to make payments to all these loans. Instead, only a single payment is made towards the student loan debt consolidation loan.

This is the main reason children opt for student loan debt consolidation. They find it rather tedious having to shoulder the responsibilities of studies, day to day living chores and keeping track of all the student loans while making timely payments to the necessary sources. With a student loan debt consolidation loan, all the related tension is reduced wherein the student can concentrate more on their studies, and make the most of their education.

Another reason students prefer to take a student loan debt consolidation loan is that there is usually some savings in the monthly installments of student loan debt consolidation loans. In the various student loans that you take to complete your studies, the interest rates for the various loans will be varied. Some of them may be a bit on the higher side, and some of them on the lower side. With this, the monthly installment for some loans would have been high, and some low.

But with the student loan debt consolidation loan, you find that the interest rate here will be lower than the average interest rates of the other student loans. So the monthly installment for the student loan consolidation loan will be lower than the combined monthly installments of all the student loans.

With the student loan debt consolidation loan, the student will usually have a longer time to repay the loan. In fact, the larger is the combined student loan amount, the longer will the time you have to repay the loan. And the longer is the period; the lower will be the monthly installment you have to pay. However, if you feel that you can pay more than the amount stipulated by the student loan debt consolidation company, you can pay more, and clear the loan within a shorter time span.

With a student loan debt consolidation loan, you stand to improve your credit rating too. This is because there is a chance of missing payments with the many individual student loans. However, with this loan, since there is only a single payment to be made, the chances of missing payments are lower.

By Gibran Selman

Check Out the Related Article : Student Debt Consolidation Loans

Government Student Loan Consolidation Can Help With Your Debt

A government student loan consolidation is a program that allows students to consolidate outstanding education loans into a single new loan. Even if many lenders hold the loans, you can still opt for the consolidated loan.

The government student loan consolidation is convenient to students and parents since it simplifies the repayment of loan. Government consolidation loans have lower monthly payments and have flexible terms and conditions for repayment.

Students with more than $10,000 outstanding student loans are eligible for this type of program. Private student loans can also be consolidated. However, you should not consolidate federal and a private student loan. With the private loan consolidation, you cannot forbear payments if you ever have economic hardships. Private loans are not eligible in claiming for tax deductions. Also, if the borrowers passed away, federal loans are forgiven while with the private loans, loans are passed to the next kin.

It is important to consolidate federal student loans since it reduces the number of credit loans you may have. Credit check is also not required with the government student loan consolidation since the US government guarantees federal student loans.

Application for government student loan consolidation is very easy. For borrowers with $10,000 to $19,999 loan balances have a repayment period of 15 years.

Federal student loans are easier to pay and bring less long term hassle and panic if these debts are converted into Federal Student Loan Consolidation. Consolidating your loan means that all the different types of student loans you acquired will be combined in one loan.

Since federal student loan interest rates are currently at their lowest, loan consolidation actually means that the interest rate used for the whole duration of your loan is fixed.

You will be able to pay the student loan off faster than when you did not consolidate your loans.

One category you could take into consideration regarding federal student loans is availing of the FFEL consolidation loan.

This loan program helps any borrower via multiple repayment schedules. Through the FFEL loan consolidation program, only one payment is made each month. Again, refinancing student loans depends on the borrower.

The following is a basic list of some student loans that are eligible to be consolidated:

PERK - Federal Perkins Loans, formerly Nations Defense/National Direct Student Loans (NDSL), PLUS - Federal PLUS (Parent) Loans, SCON - Subsidized Federal Consolidation Loans, UCON- Unsubsidized Federal Consolidation Loans, SLS - Federal Supplemental Loans for Students (formerly Auxiliary Loans to Assist Students (ALAS) and Student PLUS Loans), SS - Subsidized Federal Stafford Loans & Guaranteed Student Loans (GSL), DSS - Direct Subsidized Stafford Loans, DUS - Direct Unsubsidized Stafford Loans, DPLUS - Direct PLUS Loans, DUCON - Direct Unsubsidized Consolidation Loan, including Direct PLUS Consolidation Loans.

By Dean Shainin

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What You Should Know About School Loan Debt Consolidation

What is Student Loan Consolidation?

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans...including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well. School Loan consolidation is among the most important and advantageous financial decisions recent graduates and former students can make.

Why Do Most Students Consolidate Their School Loans?

- To lower monthly payment amounts by up to 45%

- To give them an opportunity to build their credit rating

- To make only one student loan payment each month

The Scoop on School Loan Consolidation Discounts.

Why Lenders Offer Loan Discounts.

The Higher Education Act of 1965 sets the maximum interest rates and fees on student loans. This helps protect loan gouging by student loan lenders, making access to student loans relatively easy for those who are in need of financial aid. Nothing, however, prevents a lender from charging lower interest rates and fees. (The illegal inducements regulations prevent lenders from providing immediate rebates, which would be similar to paying borrowers for their loans. However, most lenders work around these restrictions by instituting a one month delay in rebate discounts, or by providing the discounts when the loan enters repayment)

Lenders offer loan discounts for competitive reasons. Originally the competition was with the Direct Loan program. However, with the repeal of the single holder rule, lenders are increasingly competing with each other for the highly profitable student loan market. If you currently have multiple student loans, you should get the proper information regarding consolidation of those loans.

By Christian Rogers

Check Out the Related Article : Exclusively For Students - Student Debt Consolidation Loan

What Is Bad Credit Student Loan Consolidation?

With the rising costs of education, taking student loans is the only way out for most students who are keen on completing their education. Students take loans at various stages of their education with varying rates of interest applicable to them. As their education continues, these loans pile up, and managing them becomes increasingly difficult for them because of the lack of stable means of income. To help such students - bad credit student loan consolidation comes into play.

Defaulting on loans means that the credit rating of the student would slide down, making it difficult for him/her to get loans in future. The best way to deal with such a situation is to consolidate your loans into one single bundle. Bad credit consolidation makes the loan easier to handle, and the student gets the advantage of having good credit ratings and having a considerably lower rate of interest to pay.

It works by the student surrendering all his loans to a student loan consolidation company. The company repays the loans taken by the student and issues a new one for which the student is obliged to pay monthly installments.

Bad credit is the term used when a student is unable to repay his loans. It comes with a lot of disadvantages and therefore, for getting out of student loan consolidation is the best option available to the student. A student loan would help the student to have a good credit rating, making his funds much more manageable and giving him/her time to repay his/her loan.

Bad credit loan consolidation may be a bit more costly because of the student's tarnished reputation concerning the repayment of loans. However, it is still a good option to go for them since they help in taking the load off the shoulders of the student.

Check Out the related article : Exclusively For Students - Student Debt Consolidation Loan

Importance Of Student Loan Consolidation Comparison

With the rising education cost, it has become necessary for students to take loans. A student tends to take loans from various sources, which leads to payment of high installments on a monthly basis. A student takes a lot of time to make high interest payments, which affects his focus on academics. In such a case, a comparison of student loan consolidation.

What Is Student Loan Consolidation?

Student loan consolidation combines all the student loans into a single loan. As a result, the student is required to pay a single monthly installment at a low interest rate. Also, no extra charges are to be paid, and the combined interest rate is much lower than previous loans.

Since there are various financial institutions providing student loan consolidation comparison is important to get the best deal. The apt time to go in for student consolidation is the grace period as you can get the loan at a low rate. This is necessary as the interest rates provided by different institutions are different. Moreover, the time period to repay the loan is around 10 to 30 years in case of government student consolidation loan.

It is advisable that you makes timely payments as money paid over a long time can ultimately add up to one's cost. The interest rate in the market is presently low. Thus, it is the right time to go in for student loan consolidation.

According to some college analysis data, almost 50% of students at graduate level took student loans of $10,000 in 2006. Previously interest rates were over 6%, which made it difficult for students to carry on with their studies without worrying about their repayment. However, it is currently affordable hovering around 3%. Student loan consolidation has thus become a necessity to carry on with stress free studies.


By Ricky Lim


Check Out the Related Article : Everything You Need to Know About Student Loans

Student Loan Consolidation, The Solution for Student Financial Problem

Now aday the issue about Loan Consolidation is getting to become popular and common issue, and that issue come up some organization that offering the related service for help the student about finding the college cheaply and easily.


Various student loan consolidation programs are scheduled, in which they give counseling for applying and managing debts. Loan consolidation process involves bundling of different loans borrowed by the student, to cover their education expenditure to a single loan. With this, they have to pay one monthly payment instead of different payments and to a single lender.

The rate on which the interest is charged is fixed and is calculated by taking up the weighted average of the interest rates of the loans that you are willing to consolidate, which are further rounded up to the nearest one-eight of one percent or 8.25, which ever of the two is less.

Am I Eligible For The Loans?

If you want to be eligible person for student loans, so yoou must condider the point below.

1. You are dealing with more than one lender at the time of applying loan consolidation.
2. Must have eligible loans of more than $7500.
3. You do not have any student loan consolidated until date or have gone back to school due to some reasons and have acquired new student loan.
4. In case you have started repaying your loans or are in six month grace period following graduation.

Consolidation of loans is an easy task and can be easily availed by students and even by their parents. For the student debt consolidation, you can contact any bank or credit union that deals with Family education loan program or directly from the U.S. Department of Education. No matter from where you get the loans consolidated, the terms and conditions for applying the loan are similar everywhere.

Before doing research and applying for student loan consolidation, it is important to know the loans that can be consolidated. The list of such loans is below:

1. Guaranteed Student loan
2. Nursing Student Loans
3. Direct Subsidized and Unsubsidized Loans
4. Direct Plus Loans and Federal Plus Loans
5. Health Education Assistance Loans
6. Health Professions Student Loans
7. Auxiliary Loans to Assist Students
8. Federal Subsidized and Unsubsidized Federal Stafford Loans
9. Federal Insured Student Loans
10. Federal Supplemental Loans for Students
11. Federal Perkins Loans
12. Loans for Disadvantaged Students
13. National Defense Student Loans
14. National Direct Student Loans

To sum up, you should choose the best option and the best times for getting the loans consolidated, because it can be done once unless you move back to school again or take any new loan.

Student loan consolidation is a process, which helps the students to get rid of financial problems. The proper information about your eligibility to apply for it and other discount offers can be gathered under student loan consolidation program. For more options and information about student debt consolidation visit Student Debt Consolidation Loans.

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Students: Why Consolidate Student Loans

What is it?

When you consolidate student loans, you bundle all federal student loans that you receive to finance your college education into one. When a new loan is issued, the lender pays off the outstanding balances of the loans you consolidate. In short, it is a practical repayment management option for students.

Why Consolidate Student Loans?

People consolidate student loans to lower their monthly debt. When you consolidate, your original loan amount is paid off in full in return for a new loan for the combined balances. This new loan will have lower interest rate that is fixed for the life of the loan.

Advantages

When you consolidate student loans, you could reduce your monthly payments by upto 54 percent. Other advantages include reducing your interest rate by 1 percent after you maintain your on-time payment record for a certain period. Also, there are no pre-payment penalties on consolidated loans.

Final Say

Once you consolidate your student loans, it is gone and there is no going back. You can also consolidate only once. So, be sure that you make the best Financial move that you can make before plunging ahead.Also remember that you need to research a bit to find the best service that can be the most beneficial one for you.


By Anand Srinivasan

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Learning Why Student Loan Debt Consolidation Is So Important

These days it has never been more important to get a quality education, but unfortunately the costs of such a quality education have been rising far faster than the rate of overall inflation.

It seems that there are fewer and fewer students who can get through four or five years of college without some sort of financial aid, and that means that student loan debt consolidation is more important than ever before.

Exploring All Of The Options Available

When looking at student loan debt consolidation options it is important to explore all of the options available, and to make sure you are getting the best deal.

There are a number of different programs available for a variety of different students and it is important to take advantage of all programs for which you qualify.

Getting Details From Your Financial Aid Officer

One good place to start the search for the perfect student loan debt consolidation loan is the financial aid office at your school.

The financial aid officer at the college or university you are attending or have attended should have complete information on the various types of student loan debt consolidation programs, as well as some tips for saving money when consolidating those student loans.

Striking A Balance Between The Length Of The Loan And The Monthly Payments

When it comes to student loan debt consolidation it is important to try to strike the right balance between the length of the loan and an affordable monthly payment.

The length of a student loan debt consolidation can vary quite a bit, from only a few years in length to student loan debt consolidation loans stretching out for decades.

While a longer loan term will generally result in a lower monthly student loan debt consolidation loan payment, many students will be uncomfortable stretching out payments for that long.

It is important of course to get an affordable monthly payment on the student loan debt consolidation loan you choose, but it can be just as important to get that student loan debt consolidation loan paid off and out of your life.


By Shaunta Pleasant


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The Basics Of Student Loan Debt Consolidation

You can consolidate your federal student loans too, but make sure that you do not consolidate both your federal student loans and private student loans into a single student loan debt consolidation program. Just as other debt consolidation loans, you must make your student loan debt consolidation payments to a single lender, who further disburses to your old creditors.

To go for debt consolidation of your student loans, your minimum balance should be $5,000, and you must either be in the six month grace period after your studies, or are already repaying your student loan.

Before selecting your student loan debt consolidation option, review all the advantages and the disadvantages:

• Through debt consolidation you make your student loan payments to a single lender.

• Depending on the balance of your loan amount, your consolidated student loan has an extended repayment term from 10 to 30 years.

• When negotiating with your bank or financial institutions, ensure that your phased repayment plan allows you to easily meet your monthly payments and have a good credit rating, at the same time.

• The rate of interest for student loan debt consolidation is capped at 8.25 percent for federal student loans.

• Once the rate is fixed you cannot take advantage if the interest rates fall in future.

• There are no fees charged for student loan debt consolidation.

• Once approved, you cannot undo your debt consolidation of your student loans as they have already repaid in full to your previous creditors, and they no longer exist.

You can still obtain debt consolidation for your over due, or unfulfilled, student loans if you negotiate a satisfactory repayment plan with your bank, or debt consolidation lender. Married couples, too, can consolidate their individual student loans together. This is regardless of how much each owns before consolidation, and must now agree to pay the consolidated amount.


By Gibran Selman


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Student Loan Consolidation - Big Benefits

You can benefit from student loan consolidation, but there are things you should consider. It’s a good idea to start looking into how you can consolidate your student loans before the grace period ends. Big monthly student loan payments can be stressful when starting a new career.

Why Should I Consolidate My Student Loans Now?

There has never been a better time than now, to take advantage of the lowest interest rates in recent history. A student can get the best deals for consolidating debt and lower those monthly payments. Student loan consolidation can save you hundreds of dollars per year on repaying your student loan.

How Does Student Loan Consolidation Work?

When a student first applied for loans from several different government agencies and loan providers, they each gave a different interest rate and term for paying back the loans. The idea of student loan consolidation, is to take all the different loans and put them into one easy convenient loan. You then only make one monthly loan payment over time. This saves the student both time and money. Having a lower interest rate and less checks to write every month are the big advantages of consolidating a student loan.

Student Loan Consolidation Is Now Easy Online

You can now get a consolidation loan online quickly and easily. The Internet makes research and finding great programs, easy as a few clicks of the mouse. You can get done in a day, what would in the past, take weeks to accomplish. You can learn everything you need to know from information sites that provide the latest news and data in regards to student loan consolidation. This empowers you to get the best deals on student loan consolidation. With a few clicks of the mouse, you can get loan quotes and compare loan companies that are competing for your business.

Consolidation Loans Can Relieve Stress

Student loan consolidation can help student loan borrowers focus on their education, instead of debt. With a single new loan and lower monthly payments, you can focus on what’s most important, education and your new career. There is no need to lose sleep at night stressing out about how you’re going to pay back all those student loans.


By Dean Shainin


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