Get Tailor-Made Consolidation Plans Through Debt Consolidation Counseling

Debt consolidation counseling to a person, who is neck deep in debt and wants to take a loan to tide over it, is like giving a hand to a drowning man. Debt consolidation loan is usually taken by a person who has messed up his financial stability by regular delays and mismanagement of repaying a loan amount or by habitually missing the due date for bill payments. So can such a person be trusted to take the right decision when he takes a credit consolidation loan? Obviously not and therefore it is extremely important that anyone who wants to get the best debt consolidation program should go in for debt consolidation counseling.

Give Your Debt Burden To Consolidation Counselors And Relax

Debt consolidation counseling is just like any other counseling session where an expert of a particular subject or issue is brought in to act as advisor to those who seek relief. So just like you have a career counselor guiding confused students, in debt consolidation counseling, people with a bad credit rating are given structured guidance in choosing the right kind of debt consolidation loan. During the counseling, you will be apprised of the best debt consolidation program suited to your wallet. Complex interest rate structures and repayment modules are broken down into simple terms during the debt consolidation counseling.

After having a chat with these experts you will get a fair idea of the best debt consolidation program that suits your requirement with convenient repayment terms. For example, they will tell you about credit card debt consolidation, which is suited to those having a small amount of debt spread over a number of credit cards. In this program, you can transfer all your debts to one credit card. This makes it easier for you to pay the monthly installments as it gets consolidated to a single bill.

Other forms of consolidating your debts are the debt consolidation loans and debt management plan. There are pros and cons for each of these schemes which can be clarified only if you go for debt consolidation counseling. You can also do this online where you can also request for debt consolidation quotes. Usually a debt consolidation company does not charge you for the first time you seek their consultation. Getting a debt consolidation quote will enable you to not only decide on the consolidation plan that you want to take up but also short list the company with whom you want to partner for taking the loan.

Debt consolidation counseling helps you make a prudent decision in taking the best loan plan for credit card debt consolidation or for that matter consolidation of other loans. Debt counselors are professionals who specialize in debt consolidation and they can suggest you the best debt consolidation program, which is well suited to your wallet and provides more information on benefits of counseling and tips to get debt consolidation loans.

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Best Debt Consolidation Company - How Do I Find One That Actually Works?

Finding the best debt consolidation company for you and your needs can be overwhelming and seem impossible to do. In your search for the most competent debt consolidation company, there are several of them to sift through. A lot of these companies offer different interest rates and payment plans so be sure you look carefully in order to find the best consolidation company you can. This is because everyone has a unique plan that is best for him or her and this takes a lot of research to find the one that is right for you.

First you must understand exactly what a consolidation corporation is in order to find the best. They are companies that that help you on your way to financial freedom even though they don't necessarily give out loans. They mostly are known for giving out advice and help people along the way to financial freedom. The best company will help you with good advice and help you make the best choices possible.

Another aspect of the best consolidation business is how they help you. First and foremost they will direct in you the direction of the best and most responsible ways to get out of debt. When looking for the finest consolidation company you should look for one that will help you lower interest rates as well as show you how to make sure that your payments are on time. Lower interest rates are an important aspect of getting rid of debt but so is avoiding at all costs any late fees. When late fees are left to accumulate you is only making your balance grow unnecessarily, making it much harder to pay off.

Of course the most important thing to do to make sure you are getting the finest consolidation corporration is to compare, which involves a lot of time and effort on your part. The most convenient and fastest way is to look online. You can decide from companies near and far and compare by looking at some of the aspects discussed earlier. Though this makes some time and hard work on your part it can be the best thing to do when looking for the best debt consolidation company for you and your financial needs. Make sure whatever you do that you get references and recommendations, as many as possible, that way you are more confident that you have found the best debt consolidation company possible.

Now that you are ready to consolidate, it is time for a little hard work and discipline to find the best deal you can. This is not to be taken lightly, because finding the best company possible can mean the difference between being debt free or not.

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Overcoming Student Loan Debt Via Loan Consolidation

Six years after starting school your son or daughter has a Master's degree from a top notch university such as Brown, Duke, or Gonzaga. Years of hard work and reaching for their best has paid off as your offspring has landed a plum position with a research company in the Dallas area. That $50,000 per year starting salary certainly is competitive but your adult child has one big problem: student loan debt in the neighborhood of $106,000! Yes, school is done but much debt remains; enough so that it could take a full 20 years to retire his or her obligations.

Nobody wants to be saddled with too much debt, unfortunately many university graduates are faced with that proposition. Eventually, additional types of loans will need to be considered including loans for a new car or a first home; having student loan debt on top of it all of that can make it very difficult to make payments on that new car or house.

There are some options you need to know about at this point in the student loan repayment game. These options include:

A Direct Consolidation Loan - Yes, chances are your adult child's student loans are through a variety of lenders making it difficult to juggle different payment due dates throughout the month. Thankfully, you can consolidate these loans into one payment to just one lender saving the hassle of sending out multiple payments throughout the month.

Variable Repayment Plans - Unlike the standard student loan, borrowers can elect to repay their students loans by choosing a variety of repayment plans. If you consolidate your loan through the U.S. Department of Education, you have as many as four repayment plans available to you. These plans include: a standard repayment plan where your repayment amount stay fixed for ten years; an extended repayment plan where the monthly bill is lower but the repayment period is longer from 12 to 30 years; a graduated repayment plan where you have 12 to 30 years to repay your loan and where payments bump up every two years; and an income contingent repayment plan that is based upon your salary and can be spread out for as long as 25 years.

Of course, former students must know that if they choose a student loan consolidation loan at any time during their 180 day grace repayment period that starts upon their graduating from school, then the repayment on the consolidated student loan must begin at once. Therefore, if you are considering consolidating your loans you may want to time it so that you are either ready to make your first payment ahead of time or have the consolidated loan kick in after your grace period has expired. Yes, you may have to make payments to a variety of lenders until that happens, but once the consolidated student loan has been approved then you will only have to make one monthly payment.

So, who is eligible for a government student loan consolidation? Well, if you have at least one Federal Family Education Loan (FFEL) or Direct Loan that is in its grace, deferment, repayment, or default status than you are eligible for this type of loan. In addition, you can consolidate a PLUS loan, a Perkins loan (provided that you also have a direct loan or FFEL loan too), and you can even consolidate some health profession loans.

Finally, in many cases you are allowed to change your repayment plan options as time goes by. Perhaps the standard repayment plan was working well for you, but you since married and had a child. You may find that mortgage payments are putting enough of a squeeze on your finances, therefore an income contingent repayment plan may be the best choice for you at this time. Regardless, you have some options available to you when you select a direct consolidation loan, options that several different student loans may not have made available to you.

So, should you consider consolidating your student loans? That answer is "yes" if you are looking for more options than what you have available to you now and you are looking to save money, reduce your hassles, or extend your repayment period. Please visit the U.S. Department of Education's student loan site at LoanConsolidation.Ed.Gov to learn more about the options which are currently available to you.

(c) 2006; You may republish this article to your website with the following author resource information and link left in place.

Matthew C. Keegan is a freelance writer who contributes his work to various online and print publications. Please visit the following pages to obtain information about reducing student loan debt and learning about smart money tips.

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Academic Consolidation Services - Student Loan

Academics loan consolidation plan are the loan consolidation plan that gathers the academic loans of the students. Consolidation plan join the academic loan in to one loan for the students and make the repayment of loans easier.

The consolidation plans are beneficial as they allow students to pay off their education loans with an interest lower than the one charged on the ordinary loan programs. Nonetheless, the loan repayment date is also extended for the students, which might stand as long as thirty years.

Genuinely the academic loans are very heavy liability, which students find difficult to manage along with their regular expenses. So, student consolidation loans are a better option, as they not only unburden the students of loan repayment worries but also protect them from bad credit history. Loan consolidation is only possible if the lenders are wiling to consolidate the loan amount. In such a case, one should look for a professional loan consolidation service, which can perform the function for the person.

The best thing is that once you have a consolidation loan plan you can also file in for more loan amount, which is almost impossible in case, you already have loan liabilities in your name.

Student loan consolidation plan for academics service is easily available here with us. For loan consolidation you simply need to log on to the company website, and our counselors will help you decide upon an academics consolidation plan for yourself. The application of these consolidation plans is not a lengthy process as compared to a loan filing process.

Academics loan consolidation service is best option in case you have any doubt about the legal formalities. Since, the matter requires a lot of legal formalities to be filled in, so one must be sure about each and every legal clause, for which one should depend on a expertise assistance.

Mary Foster is a Financial Adviser with 10 years as an Accountant and Student Loan Consolidator. She is the author of Academic Loan Consolidation Services Student Weblog. Read her latest articles and recommendations to help find a debt free plan that works.

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Student Loans - Stimulus Plan Gives Students Some HOPE

In addition to aiding the unemployed, the stimulus package provides added relief for students. However, student loan limits will remain the same which could end up preventing students in need from going to college. There were, however, some positives in the plan.

Hope Scholarship Tax Credit - Increased to $2,500
100% of qualified tuition and related expenses of up to $2,000 can be claimed as a tax credit, resulting in a total tax credit of $2,500. This credit can be claimed during the first 4 years of college; it use to be the first 2 years.

What Items Can I Claim as a Tax Credit?
Tuition and fees & now course materials for tuition and fees

Who Qualifies?
Single - phased out if your adjusted gross income (AGI) is greater than $80,000
Married - phased out if your adjusted gross income (AGI) is greater than $160,000

What if I owe very little in taxes, can I still claim a tax credit?
You can receive a tax refund for up to 40% of the credit

Pell Grant Funding Increased
The federal government increased funding for Pell Grants to $5,350 in 2009-10 and $5,550 in 2010/11 from $4,731. The grants which don't have to be repaid are designed for the lowest income students.

More options with 529 Savings Plans
For those that don't know, a 529 savings plan is a tax-free college savings account sponsored by a particular state or group of states and is only allowed to be used for college expenses. But now you can use your 529 savings plan to buy computers and other technology related items for your college education.

Federal Stafford & Perkins Loan Limits are NOT Increased
Despite the House of Representatives and the Senate requesting loan limits to be increased, the final bill did not include this much needed amendment. With lenders continuing to reduce or scrap their private student loan programs, students in need are left with few options to obtain credit for college.

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Is a Debt Consolidation Loan the Best Solution For You?

The green shoots of economic recovery are starting to show says the Government. More people are looking at houses for sale than for some time now. The decline in house prices is starting to slow down and prices are even showing signs of some stability.

However many households have been hit so badly during the credit crunch that all the comments about some signs of recovery, both in the press and on television,mean very little.

If you are not a homeowner, it will be virtually impossible to obtain a loan to consolidate all your debts. You may feel you can just manage to struggle on paying your credit cards, etc.

However if you have gone beyond this stage, and find it impossible to meet any of your debts, or perhaps only a limited number of them,you could consider a debt management plan.

With this in mind you have to contact all the companies to whom you owe money to ask if they will accept a lesser repayment each month for a certain period of time. It is likely that some of the companies will agree to this, while others will not.

That is when you would be better to contact a company who specializes in debt management plans, IVA's and Trust Deeds.

They have the experience and possibly better negotiating skills than you.

They should be able to get all the companies to settle for a smaller monthly repayment for a set period, as after all they are better to receive some payment from you than nothing at all.

This will really take the pressure off you.

However, it will affect your credit rating and your credit file will show that you have come to arrangements with your creditors, making it extremely difficult to arrange any finance for years to come.

However, if you are a non homeowner and struggling badly, so badly that your nights are mainly sleepless ,you have little alternative.

On the other hand if you are a homeowner, a debt management plan is not really the best way forward.

If you own your home, add up all the balances of your outstanding personal loans, credit cards, etc. and also ascertain how much they cost you monthly.If they total say £45,000 you should go online to find a specialist debt consolidation loan broker and obtain a quotation for a £45,000 debt consolidation loan.

You should find that to take out a debt consolidation loan to pay off all your other debts should cost you hundreds of pounds less than you are paying at present every single month.

Make sure that you can quite comfortably afford the debt consolidation loan repayment, and if you can you should continue to apply for the homeowner loan.

It is a much better alternative and will not adversely affect your credit score.

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Champion Finance has been established since 1985, and as such this probably makes us the longest established finance broker homeowner loan marketplace. We arrange loans for all purposes and all circumstances for both employed and self employed homeowners. We do not arrange loans for tenants. Even if an applicant has an imperfect credit rating, we can still frequently arrange a loan for them. We also arrange whole of market mortgages and remortgages from all the main mortgage lenders such as Alliance and Leicester, C & G, R.B.S. The Halifax, Accord, etc. etc. Debt Management, Trust Deeds and IVA's can also be arranged.

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The Best College Student Loan Consolidation Plan

So you've just graduated from college and you're entering the real world with a brand new degree as well as a lot of student loans. You've decided that consolidating your loans would probably be the most effective way to handle them, but you're unsure of the best route to go. If you're confused about the best college student loan consolidation plan, here are a few tips.

First of all, the best college student loan consolidation plan should always include a low interest rate. This will help you to ensure that you pay back the least possible amount of money. The good thing is that federal student loan consolidation interest rates are capped at 8.25 percent meaning they can go no higher. Find a consolidation plan that offers a fixed interest rate because they can never change during the life of the loan.

You may be tempted by variable interest rates with low introductory rates but after the initial period those rates can really start to get up there and you have no control over what your rate will be. With a fixed interest rate you have the comfort of knowing what your payment will be every month.

Additionally, the best college student loan consolidation plans are the ones with few fees and that offer the option of graduated payments. These are payments which start off very low and gradually increase over the repayment of the loan. Graduated payments are excellent, especially if you're starting out with a relatively low income. They give you a chance to get on your feet and get your financial situation to a more stable place.

The bottom line with finding the best consolidation plan is to know your needs and do the research on different companies to find the best fit.

Learn more about the best college student loans at the student loan consolidation money site.

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