Thursday 27 August 2009

Student Loan Debt Consolidation - Is Your Financial Future Important?

Like any other debt, student loans could influence your future decisions and your credit history. Additionally, when a student loan debt has exceeded eight percent of your income, it is seen as bad credit when assessed for further loans.

There are two approaches in reducing your student loan debt burden. When interest rates of loans fall, your education loans could be consolidated or refinanced.

There are several kinds of student loans. However, the most common are the federal and private student loans. The U.S. Department of Education's Federal Student Aid programs manage the federally funded loans. The federal educational loan is the easiest kind to obtain.

Federal student loans are more advantageous compared to private student loans. The interests on federal loans are tax-deductible and on particular kinds of service, the student loan could be forgiven.

On the contrary, private loans do not provide any benefit. In consolidating your student debt, it is advisable not to mix the private and federal loans together. Be sure to consolidate every one of your federal student loans. Then, you could consolidate your private loans separately.

There are three scenarios to determine a person's eligibility in consolidating his federal student loans. There are many kinds of student debt consolidation plans offered. When students do not consolidate their student loan debt, this will result in the inability to acquire future mortgages, car loans, credit cards, and other kinds of credit.

Student Loan Consolidation - How Does Consolidation Help?

When a certain student initially applied for a number of student loans from different providers and organizations, each student loan agency or provider offered distinct interest rates as well as term or period of time for the loan to be paid back. The concept of a student loan consolidation is to grab all the varying student loans and put them all into one single, simple and handy loan.

Then the student will only make one payment each month for all the loans incurred, than several or individual loan payments each month; with this, the student will then save time as well as money. With a much lower interest rate plus less checks to issue each month, are a few of the advantages of executing a student loan consolidation.

Who Should Consolidate Student Loans?

Generally, individuals apply for a student loans consolidation to cut on their payments each month and to save on money for an accumulated period of time. The faster you settle your student loan, the more money you can save.

5 Student Loan Consolidation Advantages

1. Lower payments every month.

2. Have simple and convenient loan payments.

3. Have fixed interest rates. With certain federal student consolidation loans, one may have a permanent fixed rate on a student loan.

4. Payment period can be extended. You can then give attention on earning money rather than making several monthly student loan payments.

5. In school consolidation arrangements. Student loan consolidation can help ease the burden of several monthly bills.

Tag : student loans,federal student loans,best student loans

Article Source: http://www.articlesbase.com/finance-articles/student-loan-debt-consolidation-is-your-financial-future-important-38626.html

Monday 17 August 2009

Possibilities Of Declaring Bankruptcy With Student Loans

If you are carrying a large student loan and are finding it hard to keep up with your payments, you may be wondering what options you have. You might even be considering filing for bankruptcy as a way to get a fresh start.

When it comes to bankruptcy and student loans, is this a viable option?

In the case of bankruptcy and student loans, the situation is a bit more complicated than with other types of debt. If you have a government-sponsored student loan or one issued by a non-profit agency, then filing for bankruptcy is not the answer. These types of loans are not discharged by declaring bankruptcy. You would still be responsible for paying back the entire amount, even if other debts were discharged.

There is a place for bankruptcy and student loans, but it’s quite difficult to satisfy the requirements for having your debt discharged in this manner.

The borrower would have to prove that he or she is unable to keep up with the agreed-upon payment schedule. In addition, he or she would have to demonstrate that an effort to pay was made and that the individual’s financial situation is permanent.

In the event that there is no hope that the person’s financial situation will improve in the future so that payments can be made on the outstanding loan, the Court may consider bankruptcy and student loans. As you can see, this would be a pretty difficult condition to prove.

Alternatives to Bankruptcy

If you are having trouble keeping up with your loan payments, the best approach is to tell your lender. A lot of people are hesitant about discussing their financial situation with their lender. This is the best approach if you feel that you can’t make your loan payments as arranged.

You will be much better off making some sort of alternate arrangement before you are in default on your loan. Once you are in default, you will have fewer options to rectify the situation.

Keep in mind that your lender has dealt with people in your situation before and that in the vast majority of cases, an alternate payment arrangement can be worked out.

Just because bankruptcy and student loans generally don’t go together, it certainly doesn’t mean that you are lacking in options if you are having difficulty in keeping up with your payments.

Tag : student loans,federal student loans,best student loans

Tuesday 11 August 2009

Follow That College Diploma With Student Loans

Wait! Don't Drop Out!

If you think that college is not for you because your parents cannot afford it, you are wrong. You don't always need a four-year college course to find a good job; an associate degree can get you going - at less expense because you earn an associate degree in just two year's time. With a little help from student loans and parent's loans, you can have your associate degree diploma.

Community colleges do not require entrance examinations but offer courses with credits that can be transferred to a four year course in universities. Since community colleges are subsidized by the government, these are not as expensive as private universities; your student loans will go for your upkeep and some school expenses. In the meantime, grab the chance to enroll in any of the following courses:

* Accounting

* Fashion design

* Radiology

* Computer technology

* Nursing

* Medical technician

* Firefighting

* Law Enforcement

If your parents co-sign the loan application, your loan will be immediately approved. Bear in mind though that those student loans are repayable in 10 to 15 years time, and payback starts when you graduate or land a job. Well for the price of a secure future, this is worth it. So, do not drop out from the campus scene yet.

How Does a Student Loan Work?

A student loan is a low interest loan also provided by private lenders. It's like a traditional loan where you borrow a sum of money to pay your way through a regular university or community college. When you graduate and get a job, you start paying off your loan within a pre-agreed timeframe, like 10 years.

Be smart. Do not get a loan for the sake of it. Before calculating the costs, inquire about the fees for the entire course because a step like this requires realistic planning. Consider everything. Be sure these are expenses needed for school not for those weekend binges that have ruined a lot of young people. These maybe included in the computation of student loans:

* Transportation expenses if you prefer to commute to school daily

* Board and lodging fees if the college is not within the vicinity

* Personal expenses

* Books

* Laboratory fees

Not all though can get student loans from private lenders. You need to have to present proof of employment and the period requirement may vary with lenders. Some want proof of two years employment while some will accept less than that.

Advantages of Student Loans

Private lenders offer lower interest rates and payment plans for student loans. This flexibility is an advantage for cash-strapped students who wish to further their education. Another advantage is the tax benefits associated with the money loan. The IRS won't be badgering you over this.

When you graduate, you can request for graduated repayment; as your income increases, your monthly bill will increase. You can opt for an extended period from graduation until you get your first employment income.

If you are still in middle high school, start planning now to qualify for student loans. This is the way to go to chase that coveted diploma.

Tag : student loans,private student loans,government student loans

Wednesday 5 August 2009

Tips on Bad Credit Signature Student Loans

Many students avail student loans to continue higher education. If they fail to repay the availed loan, their credit reports get the tag of bad credit score, and eventually they are termed as bad credit holders. It is very difficult for students to avail student loan, if they have poor credit standings their credit reports.

Nonetheless, at present, numerous banks and financial institutions have started offering loans even for such non-standard students. The main part of this loan is that it comes with an affordable rate of interest. These lenders usually offer a wide array of flexible loan repayment options to suit each student’s needs.

Normally, banks and federal institutions offer convenient repayment plans, whereas bad credit loans for people other than students come with whooping interest rates. Typically, bad credit student loans vary from other standard loans in respect of eligibility criterions and application procedures.

Bad Credit Signature Student Loans:

Amongst the different kinds of bad credit student loans, bad credit signature student loans are very different from other standard loans. Lenders usually offer these kinds of loans totally on the acceptance of a signed activation deed. In addition, these loans do not demand any co-signer or collateral. Sometimes, these loans are also called as character loans.

The amount of loan offered by a lender depends on the borrower’s capability to repay it within a stipulated period. The tenure of these loans is usually five years. You can also merge signature student loans with Federal loans for additional financial needs.

In addition, these types of bad credit student loans are an effective way to improve your credit score. If students continue to payback their student loans regularly, certainly they will improve on their credit scores.

You can use signature student loans to consolidate your existing bad debts too. In addition, you may choose the term of their plans in accordance with your current financial conditions. While selecting a lender or financial institution, ensure that it is a reputed and reliable in the market. Be vigilant, as many lenders and institutions initially assure reduced interest rates, but in due course, they increase the interest rates claiming market inflation as a reason.

Tips:

Many high schools and colleges offer a long list of lenders and financial institutions, so students can consider these sources as a reliable one to avail such loans. Financial institutions and lenders list acknowledged in colleges and schools are mostly well-known and reliable sources to avail such student loans.

Nonetheless, it is better to do a detailed study to fetch a best deal in terms of bad credit student loans. You can get quotes from different online lenders, so buy and compare them to know who offer reduced interest rates.

More significantly, you can establish your credit history in advance to avail a student loan at reduced interest rate in future. This may furthermore increase your chances of availing approved conventional educational loans too. To save your precious time and effort, you can prefer applying bad credit student loans online.

Tag : student loans,federal student loans,bad credit student loans,student college loans

Saturday 1 August 2009

The Best Student Loans Consolidation Rate Offe,r

Going through college is one of the most expensive 'necessities' in a person's life. There are lots of young people who dream of making their way to college. Sometimes no matter how much we wanted to pursue a university education we just can't on account of some financial constraints. However, who said money could hinder you from getting that dream of yours? Now you are just few clicks away from your dreams. Student loans had always been the hope of those people who assumed that they can't have the education they needed. Nevertheless, what if you have a lot of loans and wouldn't know what to do to manage all of them? Loans consolidation is the solution. Loan consolidation is combining a person's all existing student loans into just one new and simple one. One may have more than five student loans until he finishes college. However, remember federal student loans and private student loans cannot be combined into one loan because each has unique terms and conditions. Here are the reasons why consolidation is recommended: It can cut down your existing monthly payment by as much as half percent. There are no application fees neither needed nor credit checks. You would get penalized for prepayments. A student borrower is allowed of an interest-only payment scheme. With the information mentioned above, you may not be considering of combining your student loans. If you have decided try to check the student loans consolidation rate to aid you choose the kind of consolidation would meet your needs.

A private consolidation loan can cut down a student's monthly payment by as much as 45 in the first year by merging all the private student debt into just one manageable loan. Some consolidating companies offer a first year introductory interest rate which is equal to a month LIBOR which at present is 5.02 plus 2.50. This rate depends on the student borrower's credit or his co-signer if there is. Consequently, that means that you could get as low as 7.52 monthly interest rate. One could also pay for the interest only for the first two years. With this one can keep up with the accumulated value of the loan and lessens the monthly payment. On your loan closing the first year, the interest rate changes to LIBOR plus a 6 to 6.50 which like mentioned earlier would depend on the borrower's credit history and the co-signer's. A .25 rate reduction will be given for the auto debit. At present, the annual percentage rate which is based on a thirty-year repayment term would be at 9.58 to 10.90.

As for federal loans consolidation, the rate is based on the weighted average of the student loan interest rate. Students who have Stafford loans get a 6.8 rate but a new rate will soon be released giving a rate of only 6. The following would be the new interest loan rates for these various consolidated federal loans: the usual rate is 8.02 but is now down to 5.01.

Tag : student loans,student loans consolidation rate,student loans rate

Tuesday 28 July 2009

Student Loans Consolidation Rate; Points To Consider

There are several ways to understand how Student Loans Consolidation Rate affects the length of payment terms and the amount of monthly amortization. It is best that before applying and agreeing into loans consolidation, you understand the advantages and disadvantages of having such. With the many available modes and types of student loans that parents and students can avail of, loans consolidation is a good alternative for payment. For families with lower earning capacity, the advantages of having their student loans consolidated can save them from the problem of meeting repayment obligations.

Student Loans Consolidation interest Rate is affected by at least two factors: the type of federal loan availed of and the loan disbursement (release) date. It is clear from the foregoing that different federal loans have different interest rates and naturally it will affect the consolidated loan interest rate. The loan release date is dependent on the financial or economic condition prevailing at that time so it cannot be said that loans granted at a later date bear greater interest rate than those availed of at an earlier date or vice versa. Fluctuations of interest rate are common.

Before signing a loan consolidation contract, make sure that you fully understand how much the Student Loans Consolidation Rate is and what factors were taken into consideration before such rate was arrived at. This is very important because it is difficult to ask for reconsideration once the loans consolidation contract is signed and already in force.

Most service providers apply the weighted average system. This method puts weight on both the interest rate of the loan and the loan amount. This is done by taking all the interest rates of the different loans, and then taking the weighted average of the rates. The ceiling rate is a fixed rate at 8.25% and rounded up to the nearest 1/8 percent.

This fixed Student Loans Consolidation Interest Rate is true throughout the life of the loan. With a lower effective rate of interest and a longer payment period for the consolidation, the borrower has an advantage of carrying lesser financial obligation at a regular interval. He should remember however that due to the extension of the payment period, his total cost of payment is higher. This means that although the monthly or annual obligation is less, the total amount paid is higher compared with a shorter payment period but higher amortization amount.

The borrower should not forget that he cannot re-consolidate his loans to a newer lower rate available unless he has loans that were not included in the consolidation, or if he has availed of a new loan after consolidation. However, the Student Loans Consolidation Rate that will be applied will be the weighted average of the existing interest rate of his consolidated loans and the other loans that are not yet included.

If really pays for the student to do his or her homework and seek student loan consolidation advice from their college or university prior to applying for any consolidation loan. Doing a good job of finding the right loan may save you a considerable amount of money through the life of the loan.

Tag : student loans,student consolidation loans,student loans rate,consolidation rate

Tuesday 21 July 2009

Parent Student Loans: Make yourself Hassle Free for Studying Further

Number of students have completed their academic education but due to run short of money, they don’t run up their prior study. If you are a student and try to borrow from the traditional banks, these sorts of banks require security of asset as collateral stand for the loan from the borrowers. Therefore, In that case you are failed besides it, you don’t have any other source of begetting funds. That’s why you don’t execute your dream of education. But now, the financial aids are bestowing full facilities to the students to pursue dream education.

The students who don’t have more money for spending in pursuing higher studies, they can borrow the money through Parent student loans, which are granted to the parents for the students who are reliant on their parents to observe their studies. Parent Student Loans can be repaid after completion education or within 5years. There is another option of availing loan to the parents for their children’s education. The parents can obtain the money through private student loans. These kinds of loans are different to compare the federal student loans which are provided by the US government at low rate of interest. But private student loans can be availed through the private lenders or private banks. Private student loans also require a student to submit their credit history, and the interest and fees are paid on based upon the student's credit score. Parents may be required to co-sign or collateral for a private student loan, on submitting this requirement, the parents can get low rate of interest with their Parent Student Loans.

Students can avail
Parent student loans for their college fees, mess, hostel fees, books and other things like stationary. The student can also purchase the computer that is the essential part of the modern education. The federal student PLUS loans are also available for the parents to borrow up to the full amount of college needs for their child. A federal student PLUS loan can assist the student pay until graduate, under graduate or post graduate. For these sorts of loans the rate of interest is very low to compare other type of loans. The very most privilege of the federal student PLUS loans that for 6months the government reimburses interest rate when the student is study. These types of loans can be repaid after completion his/her study or after corresponding job.


Tag : student loans,parent student loans,private student loans,federal student loans

Article Source: http://www.articlesbase.com/loans-articles/parent-student-loans-make-yourself-hassle-free-for-studying-further-574290.html

Saturday 18 July 2009

Personal Student Loans: Cash for Making Easy to the Education

Those days have gone when the students had to cope against the difficulties to get education. In the past students had not more money to pay for higher study. But now, Personal Student Loans has made easy way to the students for getting higher education. According to education needs the students can obtain the funds through this loan. Personal Student Loans carry low rate of interest and are open to one and all as with good or bad credit history. But before entertaining the cash through Personal Student Loans, you are to enable for such prerequisites as you must be an UG or PG student registered in a college or university programmed. You will have to exhibit your enrolment to your lender. You must be the citizen of USA country and have an active checking account at least 6 months old. All these prerequisites stand by you to entertain the Personal student loans. Procuring such kind of loans is very simple through internet. This via, you are to fill up an online application form with few details about yourself and submit it. The cash is transferred in to your account automatically within few hours on the same day or the next paycheque. You can entertain Personal Student Loans to keep on your higher study and other uses of Personal Student Loans purchasing any course be it medical, engineering, science, arts, commerce etc. There is no block regarding to type of course you covet to pursue. Personal Student Loans not only facilitate you with your tuition fee but other needs also like, transportation charge, buying books, computer fee, laundry fee, and so on. Personal Student Loans are obtainable from different organs like banks, financial institutions and lending firms. The Personal Student Loans carries low interest rate and flexible repayment term. You can select a reimbursement period offer six month of completion of your college. Personal student loans assist those student have financial pathetic or the students have bad credit history due to arrears, defaults, CCJs, IVAs, bankruptcy etc. Such students can boost their credit score by paying the loan installments regularly. Student’s personal loans carry very low interest rate and flexible repayment duration. The repayment duration starts after six months of completion of college, but you have to pay the loan only when your monthly salary becomes more than $1000.

Tag : student loans,best student loans,student college loans

Article Source: http://www.articlesbase.com/loans-articles/personal-student-loans-cash-for-making-easy-to-the-education-598785.html

Thursday 16 July 2009

Plain And Simple Advice On Student Loans

A higher education can make or break your ability to break through the salary ceiling in your job search, but where to begin? It can seem like a vicious circle, when you think about the logic of it all. We need to make more money, but college requires money. What a dilemma!

If you have parents who make a good living and might have savings to spare, you may consider asking them to help you finance your education. This may require setting aside your pride a bit, but can avoid having to deal with some of the pressure student loan payments will inevitably present down the road.

The trouble with parent loans, or family loans, is that a lot of tension and strain can be introduced into an existing relationship when financial issues are involved. Your best bet is an official student loan.

Proceed With Caution

Before you choose a student loan, the first thing to keep in mind is that this is not “free money” and it is not a “free education.” Anything you borrow must be repaid, along with any interest accrued in the process. Any loan is a serious commitment and should be regarded as such.

If you are not a responsible person generally, loans will represent grave danger for you. Another cycle is worth mentioning, which pertains to credit reporting. Not paying back a loan or credit card, or other bill can negatively impact your credit rating. Your credit worthiness will in turn affect your future ability to finance otherwise out-of-reach investments such as a cars, mortgages, or personal loans just to name a few.

Never borrow money, whether from a financial institution or an individual, which you do not intend to pay back or which you will be unable to pay back in a practical world.

Choosing the Right Student Loan

Once you have determined that you are responsible enough to take on a loan commitment, choosing the student loan that will work best for you is of equal importance.

Even if it affects which school you attend or your curriculum you must be honest with yourself about what you project being able to afford, in terms of payments. How much will each payment be? How often will payments occur?

Some people choose to set up their loans on a once a year basis, and try to keep the payments up for that first year to see how it works for them. If the financial burden becomes too much to bear, this strategy allows you to choose a new loan and payment schedule or perhaps a new school without having to restructure an existing loan.

Financial Aid

You may not consider yourself poor, but financial aid can be helpful to many individuals, even those who work and make decent money. Look into scholarships, financial aid, and other methods to help finance your education. A smaller loan may be all that is needed to supplement these other payment methods.

A student loan may be easy to sign up for, but must be revered as the serious obligation that it is. As is true with all applications of life wisdom, just be careful and think through your financial decisions before you jump.

Tag : student loans,student collage loans,government student loans

Wednesday 15 July 2009

Student Loans Consolidation - Federal And Private

Student loans consolidation is a respite for the students which help in combining and concentrating all types of loans together into one consolidated student’s loan. Student loan consolidation is usually done with federal student loans as the student loan consolidation rate offered by federal student loans is much lower than private student loans.

If students want to pursue higher education, often they need to think twice due to expenses involved. This is even more the case, if the student is already under debt for loan taken for his undergraduate degree. Student loans consolidation is a respite for these students which help in combining and concentrating all types of loans together into one consolidated student’s loan.

The costs are even more for students going out of station to pursue higher education as they need to spend substantial amount of money in other amenities. Student loan consolidation helps students to clear their student loan debts and revive their financial status. With the help of student loan consolidation, students are able to regulate their student loan debts and have a consolidate debt or combined debt. Debts like accommodation rentals, food, credit card debts, and education debts are all brought together and made into a consolidate debt.

Student loan consolidation is usually done with federal student loans as the student loan consolidation rate offered by federal student loans is much lower than private student loans. As most private student loan is not very cheap, a private student loan consolidation is usually replaced with one or more college loan consolidation. The benefit of consolidation is that it reduces the single monthly payment.

In the United States, federal student loans consolidation is done differently as federal student loans are ensured by the government of United States. In the case of federal student loans consolidation, all the current loans are bought and closed by a company handling student loans consolidation or by the Department of Education. The interest rates of the student loans consolidation is dependent on the student loan rate for the year which further is based on the 91-day Treasury bill rate. This student loan rates keeps changing from 4.7% to 8.25% or 9% for PLUS loans.

A fixed interest rate is set based on the then-current interest rate for the student loans consolidation. If the student wishes to reconsolidate the rates will not change. If different types of student loans and their rates are combined into a new consolidation student loan, then an average rate will be calculated based on the current interest rates of the different loans consolidated. Student loan consolidation can be useful to students' credit rating.

Types of Student Loans Consolidation

There are two types of student loan consolidation:

• Federal student loan consolidation – all students’ debts are combined and bought by either a consolidation company or by the Department of Education. Here the loans can only be associated with federal institutions and not private institutions. There is no additional fees involved

• Private student loan consolidation – the dealings need to be done directly with a company involved in consolidation of private loans. Here the interest rates are higher than federal loans in spite of the monthly installments being lower. There is a higher student loan consolidation rate involved which prolongs for a longer period. There is additional fees involved for services offered by the companies offering these loans

Points to be kept in mind will Consolidating Student Loans

• Federal student loans can also be consolidated, but both federal student loans and private student loans should not be consolidated into a single student loan consolidation program.

• Similar to other debt consolidation loans, student loan consolidation payments should be done to a single lender who will pay the earlier creditors for all initial loans.

• For the student loans consolidation, the minimum balance should be about $5000 with a six months grace period after completion of studies or have already started repayment.

• Based on the balance of the loan amount, student loan consolidation should have an extended repayment period between 10 to 30 years

• The repayment plan should be able to balance the monthly payments and enable good credit rating

• Student loan consolidation should have the rate of interest of maximum 8.25 percent if it is for federal student loans.

• There are not additional charges involved in processing the student loan consolidation.

• After the consolidation is approved, it cannot be undone as the loan amount is already paid to the earlier creditors.

Tag : student loans,student loans,private student loans

Sunday 12 July 2009

Exploring Basics Of The Federal Student Loans

A student who wants to loan money for her studies have two main sources to consider: the government or federal loan, or the private loan.

A federal subsidized student loan means the federal government makes the interest payments to the financial institution for the period that the student is in college or at university, as well as during the grace period granted to the student.

There are many federal direct student loan programs available from different institutions. It is wise to solicit advice from your parents and other sources before you decide what type of federal direct student loan would suit you best.

A federal loan is often not sufficient to cover all your expenses. Therefore you would probably also need a private student loan to supplement a federal loan. This money can be applied to any of your educational needs.

Federal loans can be challenging. If you acquire several federal loans with varying repayment periods and payment amounts, it will be a challenge to manage your cash flow to service these loans at the appropriate repayment dates.

With federal loans, you will need to start making your loan repayments six months after your graduation or after you've left school. It is important to plan and budget for this because it can make a hefty dent in your monthly budget.

When filling out an application for a federal student loan, there are some tips to make the process a little easier.

The first form you will need to fill out is the Free Application for Federal Student Aid (FAFSA) form.

You need to be organized and gather all the information that you are going to need to fill out the forms.

It is important to get started early when filling out your federal government student loan application. Do not wait until the last minute because you do not want your application to disappear in the usual last minute avalanche.

When filling out the forms, allocate sufficient time for the activity. It can easily take up to an hour to complete the application.

When you include the student loan money in your budget, remember that with federal student loans there are fees that are deducted from the loan amount, which means you will not receive the full loan amount.

Tag : student loans,federal student loans,student loans

Thursday 9 July 2009

Consolidating Student Loans Made Easy!

Student consolidation loans can be considered as a very viable way of easing the burden of accumulating debt especially among students who are more or less dependent on the money sent by their parents. For most students, taking out just one loan to fund their higher education expenses is not really feasible. With the rising cost of college education coupled with the accompanying rise in supplemental expenses (school supplies, assorted fees, cost of living and dormitory fees) a single loan will not be able to provide the kind of financial assistance that is needed by students.

These reasons compel most students to draw out more than one student loan in the course of their higher studies. It would not be surprising to see students having more than two student loans under their name. The problems arise when it comes time to pay off the loan. After a student graduates, he will not only contend with paying off his student loans but also with bills and other debts that he may incur over the course of his career. Juggling so many bills and loan payments could be too much to handle and it would not be far fetched to actually forget payment dates or worse, not have enough cash to service the student loans.

This is where a student consolidation loan can be of much help. By consolidating all of the student loans into one loan, a number of benefits can be enjoyed. First off, a consolidated loan means that instead of paying off many loans, you only have to deal with one monthly payment. Second, interest rates can be significantly reduced saving you more money to service other bills and debts. A student consolidation loan is an instrument that should be taken into consideration especially if you want to simplify how you handle your debts.

Please note: all above information is not an advice. Before you make ANY financial decisions please contact with your financial adviser. Your financial adviser can keep up with changing federal regulations regarding to student loans.

Wednesday 1 July 2009

Finance Your Education With College Student Loans

Every individual weaves dreams of achievement for his child. He starts working for accomplishment of his dreams right from the time of birth of his child. But with ever increasing cost of tertiary education, it is becoming more and more complicated to afford college education. With abundant rise in tuition fees, every year, the chances of scholarship are declining. Thus, going to college becomes a big challenge and can pose a hurdle in your child’s way of getting education. Sometimes the cost of professional course that you may have opted as a dream career may be so high that all your savings may go wrong. At that point of time, you can avail student loans to finance your college education.

College student loans not only provide funds to finance tuition fees, but also to meet hostel expenses, books, computers etc. The rate of interest for college student loans can be higher, as compared to the loans offered by the government. However, with proper search you can surely find some lender, who may be offering you college student loans at competitive rates with flexible terms and conditions.

College student loans cater you enough time to become self dependant and then repay the loan amount. For beginners, it is advisable to keep the living expenses, as low as, possible. It is recommended for individuals seeking employment to wait till they find some permanent employment. Another characteristic of college student loans is that during repayment term of the loan amount, you can apply for forbearance. It means you can apply for deferment of payment, at times of financial hardships with the due consent of the lender.

There are a number of ways, in which students can keep their debts low. Apart from college student loans, they can take up some part time job or apply for some scholarship. It will help them to keep their debts low. Students are given considerable amount of time after their graduation period to repay the loan amount. Thus, there is not much to worry about the repayment of the loan amount of college student loans.

In terms of borrowing, it is advisable to borrow up to a limit, which you need and can repay easily. A loan is a financial obligation and commitment, in any case. All your efforts should be driven towards paying it off as early as possible. For college student loans, you can search various online sources. There you will find a large number of lenders, offering loans at nominal rates. All you need to do is compare and contrast well the quotes, offered by different lenders to crack the best deal.

Tuesday 30 June 2009

Tips And Tricks On Student Consolidation Loans

Student consolidation loans are meant to reduce the number of monthly payments, to cut the amount of interests paid for finance and to reduce the amount of money destined to pay off student debt so you can use the surplus for other purposes.

Though these loans are great for getting hold of the benefits portrayed above, there are many things that must be taken into account when undertaking student debt consolidation that may reduce or boost these benefits. Since knowledge does not take up space, read on and make sure to remember these tips and tricks so you can make the most out of your debt consolidation loan:

Keep your Government Loans and your Private Loans Apart

Federal student loans usually come with many benefits you surely want to keep. This includes a significantly lower interest rate that you will not be able to beat with any private consolidation loan. So if you need to consolidate your federal student loans, you will need to resort to government consolidation programs. Use private consolidation loans only with private student loans.

Focus on getting rid of variable rate loans

Though sometimes lower, variable rates tend to be a problem since you cannot predict market variations and thus your budgeting may be useless. If possible, consolidate all your variable rate loans into a single fixed interest student consolidation loan and leave fixed interest rate loans aside unless you can get a significantly lower interest rate with the consolidation loan.

Watch for prepaying penalties

Some lenders penalize those who pay off their debt sooner by adding extraordinary fees to the overall debt claiming additional administrative costs. If this is the case, you should leave low balance loans aside. If the fees are not covered by the amount of money you will be saving by consolidating the loan you will want to continue paying the loan on its original terms.

Keep your credit report clean

Try not to incur in delinquencies as this will be recorded into your credit history and prevent you from getting a good interest rate when applying for a consolidation loan. Before applying, always request your credit report and make sure everything is in order. If you happen to find any inconsistencies, contact the credit agency immediately and demand that they correct the inaccuracies. Many have been denied loans just because a credit agency employee had made a mistake.

Avoid Trading Loan Length in exchange of Lower monthly payments

Unless you really cannot afford the loan installments, refrain from extending the length of the loan. It is best to get lower monthly payments by agreeing to a lower interest rate than to get them by adding to the number of outstanding monthly payments.

Extending the loan length may solve your current cash flow problems by reducing your installments, but will increase the overall cost of the student consolidation loan turning it into a bad deal.

It is best to cut on your expenses for a little while till your income increases than to consent on many years more of annoying debt.

Thursday 25 June 2009

Online Student Loan Consolidation Methods

It is commonplace for students to avail of student’s loan, considering the increasing expenditure incurred on education. Generally, students utilize more than one loan programs and eventually end up with paying many installments every month. Since different loan agencies have different interest rates and period of repayment and other related conditions, it becomes absolutely necessary to consolidate all such loans into one to at least reduce the tension and burden.

When so many installments have to be paid every month, it is a distraction for the student and they would not be able to focus on their education, instead. They would be spending a sufficient number of hours on checking the various installments to be paid for that month and writing checks. Therefore student loan consolidation takes all the loans together and puts them under one single loan which makes repayment process more convenient. The student saves a lot of time and money by making only one loan every month.

To get the best rate in student loan consolidation, the student has to have good credit rate. When the credit score is above 660, the chances of getting a student loan consolidation are very high. The internet helps in finding the best student loan consolidation program and also assists in calculating the credit rate of a student.

Fundamentally, the student loan consolidation rates are based on the financial situation of the student and the credit score-less than 600 credit score is considered to be not so good. Some of the other ways of getting a student loan consolidation is by refinancing, home equity loan or home mortgage.

There are many benefits of availing student loan consolidation. Primarily, it lowers the monthly installment to be paid by more than fifty percent. The student needs to pay only one installment per month as against many, for multiple loans. Sometimes, fixed interest rates can be very beneficial with some federal student loans. It is also feasible to extend the period of repayment even up to thirty years, which would give a breathing time to focus on the career rather than worrying always about the monthly installment to be paid.

There is no need to offer any credit card check or processing fee for student loan consolidation. In fact, the payment plans can be conveniently chosen according to the financial needs of the student since the terms are very flexible. There is no need to pay any upfront fee for a student loan consolidation.

Now it is possible to consolidate student loans online also and it offers the advantage of researching and finding the best rates among all programs. But a student loan should be consolidated only if it is lower than the current interest rate.

Article Source: http://www.articlesbase.com/education-articles/online-student-loan-consolidation-methods-666102.html

Monday 22 June 2009

Bad Credit Student Loans for Those With High Earning Potential

Education is an impeccable necessity for everyone and any hurdle that stands in the way of acquiring should be removed by any means. The student who have a financial set back and could not acquire a degree from college, due to insufficient funds can achieve their goal in life-even if their credit history is bad.

Federal student loans are specifically designed to assist students who are in their hot pursuit of college degree and make student loan easily accessible even for bad credit. Even private lenders offer bad credit student loans to students who have high earning potential.

Having a high merit and not able to attend college due to the rising costs of education fees is a pathetic situation and the various private and government lenders see to it that deserving students with bad credit history meet their college expenses to complete the degree. Even if the student has a bad credit, there are plans like PLUS for their parents who can avail of the loans for their child's education.

The bank or credit union examines the student's credit history and determines the level of risk. Based upon the severity of bad credit, the interest rate on the student loan is fixed. Generally, the private student loans have greater interest rate than the federal student loans for students with bad credit. If the field chosen is medicine or law, private lenders are more eager to offer loans to students with bad credit.

Bad credit student loans are of various kinds like the federal Stafford loan and the PLUS loan. The first type is offered directly to the students with a deferred period of payment, usually six months, upon completion of their studies. The interest rate is kept low at about 8.25 percent. The interest is paid either by the government or by the student himself, during the deferred period depending upon whether he has opted for subsidized or unsubsidized Stafford student loan.

The parents’ loan for undergraduate students called the PLUS loan is paid to the parents on behalf of their child. If the parents cannot qualify, then a cosigner is needed. The other type of loan called Perkins loan is the loan that offers bad credit student loan through the college. It is jointly funded by the college and the government, where the repayments have to be made to the college. The interest is usually maintained at five percent. The repayment can be started after the student finishes the college degree and earns sufficiently from the career.

Although the primary aim of bad credit student loans is to fund the students to complete their studies in college, it also gives them a chance to improve their credit ratings. Thus with bad credit student loan, the students can pursue studies without worries.

Article Source: http://www.articlesbase.com/education-articles/bad-credit-student-loans-for-those-with-high-earning-potential-666088.html

Student Loans For College: Don't Put Your Eggs In One Basket

Being accepted to a college is often the highlight of a High Schooler's dreams. Going through the testing and applications process, and then waiting for replies on those applications often make up a great part of a senior year in High School. Then comes the day that the letter arrives in the mail, and everyone gathers around to see whether you've been accepted or not.

You've been accepted! Great! Congratulations are offered, celebrations held, and then, suddenly, reality settles in. What's this college education going to cost and how are students, their parents, or other relatives going to help finance it? Today, more than ever, students entering college, as well as returning college students, are opting to obtain one or more student loans for college. While this may take some of the stress off Mom and Dad as far as tuition costs are concerned, it's an entirely new ball game for everyone.

A college loan is just like any other private loan, with one major exception. A student loan doesn't have to be repaid until the student has graduated from college. A student may also have several student loans from several different lending institutions. One of the most common lenders for any kind of loan is your local bank. Beyond that, there are Federal loans such as FAFSA, which stands for Free Application for Federal Student Aid. These loans are eligible for those who meet certain requirements, so make sure you do your homework beforehand.

The best time to start applying for loans is after you've received your letter of acceptance to the college of your choice. Forms need to be filled out and turned in as soon as possible after the first of January every year, but can also be completed throughout the course of the year, though processing time may increase. The FAFSA form is the most common approach to student loans after local banks and lenders, and is an application that determines how much a family is able to contribute to a student's financial obligations while in college, based on household income.

A FAFSA student loan application will need to be filled out for every school year that you would like to receive financial aid. Most forms are available every November for the following school calendar year. Applying early will increase your chances of receiving a student loan through FAFSA, though it is by no means guaranteed. Keep in mind that while such federally supported loans often offer lower interest rates than private student loans received from a private lender, they are also more difficult to obtain.

When looking for any kind of student loans for college, take the time to thoroughly research your options and check interest rates, repayment terms and more than anything else, be prepared to be patient. Don't stop with one student loan request, which is like putting all your eggs in one basket. Fill out several different student loan applications from various private and government lending sources, and keep your fingers crossed. While you're waiting, start looking for scholarship money as another source of financial aid.

Thursday 18 June 2009

Choose Your Dream Career With Loans For Student

Being a student you are already burdened with your career anxieties; at such critical point of time lack of funds adds to your worries. With a very limited income, you should try your best to avoid needless expenses. These days, education has become so expensive that it is getting more and more difficult for parents to afford it for their child. Student requiring loans can find several companies, which will provide finance for their education. However, loans for student have huge applicability and therefore can be used for a number of purposes such as to pay tuition fees, accommodation charges, purchase books and computers etc.

Loans for student are customized specially to meet the requirements of students. These loans are available at lower rate of interest for students, as compared to any other loan. Moreover, you are supposed to repay it after your education is completed and when you become employed.

It is usually recommended to check for alternative sources that you can have before applying for student loans. It can be part time job or even scholarship. But your prime focus should be at improving your grades. Therefore, seeking loans for student can be a good option. There are a few points that you should always keep in mind while applying for student loans. For student loans, you should choose for a lender, who will be providing you lower repayment incentives, lower rate of interest with flexible terms and conditions.

Before taking up student loans, always envisage your needs well and apply for a loan amount that you can repay easily. Make sure, you borrow according to your needs, otherwise, it will serve as an additional burden. There are several lenders, who claim to provide interest free loans for student. Be aware and do not get duped by any such clause. This way, you might end up paying heaps of high interest rates.

To avoid any such fuss, search through online sources. There you will find a large number of authorised lenders. Compare and contrast quotes offered by them and then only make a mindful decision. It is a matter of your career, never take any chance. Make a proper schedule for repayment of loans for student and strictly adhere to it. Loans for student facilitate you with the most lenient repayment terms. Thus, choose your dream career without any hurdle. Avail loans for student now and make repayment after the completion of your higher education.

Monday 15 June 2009

Feel The Power Of Having A Car – Student Car Loans Online


When you are a student…your personality, your clothes, your way of talking, the way you reach your place of education everything matters a lot to create an impression of distinctiveness. Having a car add more glitter to your persona. Also it saves you from standing in long queues waiting for bus, getting late for your classes. With student car loan online you can get your own wheels to drive.

Student car loans online are for serving the transportation needs of students. Student car loans online are secured by the car itself. In case of any default in payments, the lender can take away your car to cover up his loss. So make sure to repay the installments on time. For the efficient use of a student car loan online you need to calculate what you have and what you want.

Firstly, you can compare the prices from the numerous car dealers in the market, you can ask for discounts and additional accessories. Most of the car dealers these days offer you free car insurance. You can either visit these lenders personally or can take the help of the internet to get the quotes. After choosing a car dealer you can further negotiate with him regarding price.

Secondly, you can determine the amounts of funds which you want to invest from your side. This will help in lowering down the total interest paid by you on student car loans online as lesser the loan amount, lesser will be the interest.

Student car loans online, other than buying you a brand new car can also bear the expenses on your existing car. These loans can be used for following purpose:

• Buying used cars

• Paint work on car

• Addition of accessories such as music systems, interiors, power windows and power steering etc.

• New tires

• Repair work or engine upgrade

• Any other modification

You also need to plan your purpose and way according which you are going to use the loan money. This will ensure the efficient and effective use of the student car loan money.

Applying for a student car loan online offers you following benefits which you can look for:

• Saves time and energy required in visiting the offices of the lenders.

• Free online student car loan quotes on dozens of websites.

• Enhanced searching with availability of online comparison tools, debt and repayment calculators, repayments table.

• Online application form with an assurance that your personal information will be secured under the data protection act 1998.

• You are always kept updated about your transactions.

So you can just relax and sit on a comfortable place in front of your personal computer to get the complete support for your car in form of student car loans online.

Friday 12 June 2009

Bad Credit Student Loan Consolidation – Advantages of Getting Bad Credit Student Loans

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 student loan 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 instalments.

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 student 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.

Article Source: http://www.articlesbase.com/loans-articles/bad-credit-student-loan-consolidation-advantages-of-getting-bad-credit-student-loans-726066.html

Sunday 7 June 2009

Student Loans, They Seem Like A Good Idea (At The Time)

This is the time of year when every day seems to bring new graduation invitations for the class of 2006 in the mail. I began to wonder what it must be like to finally leave school with all that energy and excitement only to find out that you are now going to spend years paying off those student loans that seemed like such a good idea at the time.

The Centre for Economic and Policy Research reported recently that almost 65% of all students use loans to pay for their education. With many students racking up debts of $90,000 or more you start to wonder what it must be like to live under that type of pressure. How do they manage to pay off these loans and still have a life? There are many areas outside Southern California where you could buy a very nice home for that amount of money.

Do we really need to put the youth of today, our future, under this type of pressure all in the name of PROFIT. The laws governing Student Loans are some of the most powerful laws in the land. Our leaders have insured that it is a MOST profitable business for the lenders. These lenders have more power than all other lenders. Credit card companies and mortgage lenders cannot do what Congress has allowed the student loan providers to do.

Sallie Mae is the largest student loan provider in the country. They employ over 10,000 people across a number of states. Since they became a public company trading on the stock markets, their shares have gone through the roof. Let me outline why this is such a wonderful business for the likes of Sallie Mae. The loans they give out are all guaranteed by the government (sorry taxpayer), so whatever happens they get their money. This means, unlike a normal lender who has to calculate risk against reward before agreeing to give out a loan, for these providers there is NO risk, it's all reward.

It does not end there. Should a student default on a loan (almost 25% do), the provider then gets paid by the government (sorry taxpayer) and they are now allowed to send that debt to a collection agency. It's normal for the loan to double in size at this point. Sallie Mae owns a number of these collection agencies, the law allows that too. They now have the power to garnish your wages without having to go to court. They can also garnish your social security money, something no other lender can do. Sallie Mae is allowed under these laws to keep 25% of all the money recovered from the collection agency (that they own, nice business if you can get it). Where I come from this would be called Legalized Mugging or Jobs for the Boys.

Most of these students can forget about getting married or buying a home. There main concern is “where's next months payment coming from”. Maybe it's time we showed a little more compassion to these students, after all they are our future.

Have an opinion or a question you would like me to answer, then write me! http://www.CarlHampton.com

Friday 5 June 2009

Debt Consolidation – Consolidate Your Student Loans Now!

The Federal student loan program has benefited thousands of college students in the forty years since it was introduced. Interest rates for the program have historically been quite competitive, and the program has allowed many people to acquire a college education who otherwise might not have been able to afford one.

At the moment, interest rates on Federal student loans are the lowest in history, but that is about to change. On July 1, 2005, the interest rates on Federal student loans will rise, due to an increase in the price of Treasury, bills, to which the interest rates on student loans are tied.

While an increase in interest rates is seldom viewed as a good thing, knowing about it ahead of can be helpful. Between now and June 30, new graduates or those who have been repaying existing loans can consolidate their student loans at current rates. The rates currently vary, with fixed rates being slightly higher than adjustable rates. Those considering consolidation might wish to convert their loan to a fixed rate. Depending on the amount of the loan, borrowers may extend their loan terms to as long as 30 years.

There is also legislation pending in Congress that would change the Federal loan system so that all future loans are adjustable rate, with no fixed rate option. This will save the government money by not allowing students to lock in long-term loans at low rates during times of increasing interest rates. Students who wish to obtain a fixed rate loan may not have much longer to do so.

Rates will vary slightly from lender to lender, and the market for loan consolidation is quite competitive. Those wishing to consolidate their loans should consider shopping around for the best deal while time permits.

Wednesday 3 June 2009

Student Loan Consolidation Centers Can Help Reduce Your Debt

Student loan consolidation centers should have common options and can help you reduce your monthly payments and total debt.

4 Common Options With Student Loan Consolidation Centers

1. Offers minimal rates of interest, presently 1.625 percent fixed interest for the period of the student's federal loan; at present, the rate being offered by the "Department of Education" is a percentage of 3.37.

2. Through consolidation, a student can cut their payment every month by a maximum of 60 percent using student loan consolidation centers.

3. Using auto debit, one can get an added 0.25 percent rate discount with student loan consolidation centers.

4. Student loan consolidation centers have payment options that are flexible.

3 Student Loan Consolidation Tips

1. Students must only consolidate loans which are variable or changing rates, such as the Stafford Loans, and never fixed-rate loans such as Perkins loans, since Perkins loans are set at a fixed rate, therefore there is no benefit financially and one can unable to acquire loan forgiveness provisions services like nursing or teaching.

2. Student loan consolidation programs are never identical between lenders having fluctuating grace periods, interest rates, late payments penalties, and loan repayment period. As student loan consolidation will lower your monthly payments, this also points that extra interest accumulate over the span of the loan and will drastically raise total cost of the loan.

3. To lower your student loan cost and its interest rate, you can opt not to consolidate all your available student loans; you can decide to include unsubsidized loans only or leave out loans with high interest with a low loan balance. Consult and seek advice from your lender student loan consolidation center on which loan options are best and right for you.

Refinancing Can Help Reduce Student Loan Payments

Since not all students have thousands of dollars to pay every year for college tuition fees, most college students obtain educational loans to survive college. This is a fact with the cost of education these days.

The principal goal of refinancing is to reduce your monthly total student loan payments. Refinancing your student loans could help your credit lower its interest rates. Do the federal student loan first, before any other private loans. This way, you will enjoy the benefits of the low interest rate of federal loans. Mixing both loans together when refinancing will give you a higher interest rate on the combined account.

Second, your student loan rates will vary depending on your credit history and by your deal with the lender. Make sure your credit history is in good condition before refinancing your student loans. Refinancing rates of federal student loans adjust while the economy changes.

Every lender facility has different qualifications required for refinancing student loans. There are two approaches in reducing your student loan total payments through refinancing. In choosing the most suitable student loan refinancing program, remember that the interest rate should never exceed the current consolidation rate of your loan.

Article Source: http://www.articlesbase.com/finance-articles/student-loan-consolidation-centers-can-help-reduce-your-debt-35139.html

Friday 29 May 2009

Consolidating Private Student Loans

Now is the time for consolidating private student loans. The prime interest rate, which many loans are based on, is at the lowest point in years (3.75%). If you originally got your loans in the past few years they may be as high as 8% or more.

Consolidating your student loans can help you save money and even give your credit score a boost. Lets say you have anywhere from 4 to 8 student loans that you are paying back right now. When you consolidate them with one loan, the individual loans are paid off. That’s always a good thing on your credit report.

Depending on the term of your student loans (usually 15 or 30 years), the savings can be substantial. Lets say you have $30,000 in multiple loans at 15 years and 6.8% interest. Your monthly payment would be $267. If you consolidate all of the loans into one for 30 years at 3.75%, your payment would go to $139 per month. If your current interest rate is at the max of 8.25%, your savings would even be more.

That’s almost a savings of 50% off your payment. Even if you opted for the 15-year note, you would still save up to 20%. Depending on your amount, which is probably more than $30,000, the savings could be very impressive on any monthly budget.

Combining all your loans into one also saves you a lot time and headaches when you make payments and record keeping. But you also have to be careful. There are a lot of companies that will be more than willing to loan you the money, but the devil is in the details.

Some start off with low payments, then balloon at certain periods (say at 2nd, 5th, and 8th years your payments go up) based on the position that your income will increase also. This can be dangerous depending on many factors not in your control.

When considering any consolidation loan, look at the total debt. Look at all the fine print on time periods, payment schedules, and any penalties. Don’t take anything for granted, if it’s not in writing it doesn’t count. And once you sign the agreement, you are obligated to the conditions contained in the contract.

Make any decision based on the facts you know today, not sometime in the future. Read and understand every page of any document that you sign. It might be a good idea to have someone with knowledge in loans and contracts to review any documents before you sign on the dotted line. Keep in mind that you may not even get the 3.75% interest rate offered.

The interest rate you are offered is based on your credit score. Which is based on your payment history, amount of available credit (if you have several credit cards at or near your credit limit, that lowers your available credit), and other variables.

If you are just out of school and don’t have any credit built up, or worse yet, have trashed what little credit you did have, it’s time to make some changes. Anyone can improve his or her credit score with a little time and effort. It’s also going to be important when you get to a point where you want to buy a house.

With interest rates down at the lowest points in years, the opportunity will never be the same to reduce that college debt. If that means you need to work on your credit score, so be it. You are now in the real world and reality is very difficult to avoid.

Your credit score is very important when it comes to unsecured loans (since that’s what most consolidation loans are). The higher your credit score, the lower interest rate you will be offered in any consolidation loan. In fact, you may not even be eligible without the minimum credit score.

If you need help with improving your credit score there are a lot of free options available. Look for community or church programs that offer free assistance. If you need to establish credit, there are ways to do that also but it takes time. But the money savings will more than be worth the effort.

Wednesday 27 May 2009

Student Loan Consolidation: Make your Student Loan Repayment Easier to Manage

Are you a May graduate with student loans looking at six-month grace periods that are ending sometime this month? If you’ve got multiple student loans going out of grace and into repayment, you’ll soon be faced with trying to juggle multiple bills, multiple due dates, and multiple monthly payments.

But you could eliminate the hassle of multiple student loan payments and help make your student loan repayment easier to manage by consolidating your eligible federal student loans with a Federal Consolidation Loan from NextStudent, a leading Phoenix-based education funding company.


What’s Federal Student Loan Consolidation?

Student loan consolidation allows you to combine your eligible federal student loans into one single consolidated loan with one lender, one monthly bill, and one convenient monthly payment. To be eligible to consolidate your student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.


Consolidating Federal Parent PLUS Loans

Parents with federal parent loans are also eligible to consolidate. Parents can consolidate the PLUS loans they took out to help you pay for school as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school full time. Although your parents can consolidate their PLUS loans, you won’t be able to consolidate your own student loans with your parents’ PLUS loans.


Take Advantage of All the Benefits of Federal Student Loan Consolidation


  1. No fees

  2. No cost to apply

  3. No credit checks

  4. No co-signers required

  5. No prepayment penalties

  6. Fixed interest rate

  7. Repayment terms up to 30 years

  8. One single monthly payment for all your eligible federal student loans

There are never any charges or credit checks to apply for a Federal Consolidation Loan with NextStudent. And there are no prepayment penalties, so you’ll never be charged extra fees just for paying more than the minimum each month or for paying off your student loan consolidation early.

Student loan consolidation lets you lock in a monthly payment with a fixed interest rate. You may also be able to cut your monthly student loan payments by as much as 50 percent when you consolidate your federal student loans with NextStudent. A federal student loan consolidation could extend the repayment term on your student loans by up to 20 years; by extending your payments over a longer repayment term, a consolidation loan could lower the amount you have to pay each month.

Private Student Loan Consolidation

If you have private student loans in addition to (or instead of) federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be eligible to consolidate your private loans separately with a NextStudent Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.


NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.

Article Source: http://www.articlesbase.com/education-articles/student-loan-consolidation-make-your-student-loan-repayment-easier-to-manage-250610.html