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.

Check out http://www.my-credit-center.com/ for more articles on stop credit card debt and credut cards.

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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.

Ryan S. Himmel is the founder of the newly launched website, BIDaWIZ, the online marketplace for trusted answers from licensed business professionals (i.e. CPAs, CFAs, CFPs & More).

Visit us at http://www.BIDaWIZ.com/ to get answers to all of your student loan questions or any accounting or finance concern. Watch our Video Tour at http://www.BIDaWIZ.com/PublicPages/Video.aspx.

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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.

http://www.championfinance.com.

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.

http://www.championfinance.com

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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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Consolidation of Private Student Loans Makes Things Simple

Student loans come in two varieties: federal student loans and private education loans. Most people have government loans because they're easier to get and generally have better terms for repayment, but many have private loans only or both private and federal loans. Have you ever looked into the consolidation of private student loans?

Private loans usually can't be lumped together with government loans. You'll have to do that separately. (Even if you can consolidate your government loans through a private lender, you don't want to. You'll lose the flexibility of government consolidation programs if you do.) Private loans must be consolidated from a private lender, so you're essentially just trading in a bunch of private loans for one private loan.

The main benefit of consolidating private loans is having a single loan instead of multiple ones, so you only need to make one monthly payment. It may also let you choose lower monthly payments if you stretch out the life of the loan-this costs more in interest over the long run but does lower monthly payments.

The interest rate of private consolidation loans may be fixed or variable. They are generally about the same as current rates on home equity loans. So one idea to consider if you have a variable interest rate would be to repay the entire balance of the loan using a fixed interest rate home equity loan. You are effectively giving yourself a fixed rate student consolidation loan!
Private consolidation loans' interest rates are determined by your credit score, so if you know your credit rating has significantly improved since you first took out the loan consolidation might be a really good idea.

It really pays to shop around before signing with any one private consolidation company. Unlike federal consolidation, private consolidation loans' terms are not set by the government so there can be a wide variety between one lender's terms and another's.
All have their own interest rates, repayment schedules, and required monthly minimum payments. The fees a private consolidator charges up front will vary, and some carry prepayment penalties while others don't. This is very important to know about a consolidator before signing with them. You don't want to get your act together, pay off the entire balance early, and then get slapped with a heavy fine for violating the loan terms!

If you've got more than one private student loan from your university days still hanging around, look into consolidation of private student loans and see if it is something that would benefit you. Just be aware to read the fine print of each lender carefully and be sure you understand the terms of the specific company who handles your consolidation.

If you are wanting to save money and make things less of a hassle then consolidation of private student loans programs is the reasonable way to go. For more on this and everything you need on consolidating your student debt, visit http://StudentConsolidationLoan101.com.

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Canadian Student Loan Consolidation

As recently as January 21, 2009, CTV News reported that "Canadians who have pursued post-secondary studies now owe the federal government $13 billion in outstanding loans, according to new figures from the Canadian Federation of Students.
The CFS says Canada Student Loan debt increases by $1.2 million per day and will cross the $13 billion mark on Wednesday."

CFS national chairperson Katherine Giroux-Bougard told CTV that "the government must do more to help stem the growing levels of Canadian student debt." She added, "What the priority of the government should be is really to make post-secondary education affordable," she said.
Now the scary part is that all we keep focused on is longer finance terms. Here's my simple thinking: Why doesn't the government offer companies who hire these debt-laden students, a specific tax break. As part of the hiring process, companies could assume part or all of the student debt. The companies are after all the ones who gain the most in hiring these highly educated people. They should play a role in the debt financing as well. We used to fund apprentice programs remember or am I showing my age? Don't answer that.

It solves many issues. Instead of the government just backing loans and extending payment terms, let's transfer the debt to the companies who benefit the most, through a specific tax break. It will essentially free up government from backing loans, and free the student from a rather unrealistic debt. Now I realize this just seems too easy, but then again, we really seem to always make it more complicated that it has to be.

Some employers still assert that they like their employees to be in debt, that means they need their job more. This of course is old fashioned moronic thinking! More modern companies want to see their employees flourish and enjoy the good things life has to offer versus having to have a night job and work weekends just to barely keep up. A happy employee becomes an inspired worker who gives and achieves more. But this is reserved for the very special few employers who look at their employees through a holistic looking glass and not some tired old sweat shop mentality.

Okay have I stepped over the line here? Well at least it got you thinking. Whether you agree or not, I think you will concur that we simply can not lose sight of what these students mean to our future.

You know $13 billion in student loans is only the tip of the iceberg. Look at the transfer payments that provincial governments already give to post secondary institutions. The U of T alone gets almost a billion a year, from the province of Ontario to offset their tuition costs. And these huge transfer payments happen every year!

And what happened at York University recently is just unconscionable! Students held at ransom, they seem to be the only one's with no real voice in all this. Well that's my rant on the subject. I know nothing much will change and students will continue to be stuck with these massive debts.
About The Author: Mike Perras is a retired media executive and college professor. He started a blog recently on Canadian Student Loan Consolidation. Canadian student loan consolidation is with us to stay I'm afraid and we might as well just work together and figure a way to help students manage what may soon be a crisis in this country.

What's the alternative? Students staying away from school? And what would that cost? Forecasts already tell us we'll be a million skilled workers short in Canada in just a few short years. Clearly, we need students in school!

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Wells Fargo Student Loan Consolidation Tips

During the course of your college years you can accumulate debt through various types of student loans. A stafford loan is the most common student loan available, it can be subsidized or unsubsidized and repayment is usually done in 10 year periods.

You do not start paying back your student loans until you are either out of school completely for 6 months, or 6 months after you have dropped below part-time status at a college or university. There are other options for paying back your loans such as forbearance and deferment. With a Wells Fargo Student Loan consolidation you could extent your loan up to an additional 20 years, and you could potentially lower your payments to half what they are now with consolidation.

Among the many banking services that Wells Fargo offers is a Wells Fargo Student Loan Consolidation option. You can consolidate your Federal student loans and other loans that you have for school in one easy payment. Most federal student loans can be consolidated, but keep in mind though that it is up to Wells Fargo which of your loans are eligible.

It doesn't matter if your Federal and personal loans that you originally had were from Wells Fargo or other lending companies, you can combine them into a Wells Fargo Student Loan Consolidation loan. If you consolidate your variable rate federal loans during your grace period, you could save hundreds or even thousands of dollars. With it you won't get charged for any origination, at disbursement time, and if you decide to pay it off early you will not receive any charges then either. There is also no minimum loan balance required to consolidate your loans with Wells Fargo.

Some factors to keep in mind when applying for a Wells Fargo Student Loan Consolidation loan include the fact that you can add eligible federal loans to yours during the first 180 days after disbursement. An important thing to remember is that if you are past the 180 days, you can reapply for another loan. If you apply for another consolidation loan there will be a chance of an interest rate change, which means you'll be paying a higher interest rate. It also may affect the term (length) of the loan.

It can take up to 2 months for your loan application to come through when applying through Wells Fargo, this is normal, and during that time you should make your regular payments until we let you know what your new payment will be and when you should start making them. Every person that wants to get their loans consolidated will have to apply on their own. They are not used to consolidate spouses student loans.

The benefits of it are that there's no minimum loan balance required to consolidate your loans, while working with Wells Fargo you will get personal attention. You will also get online access to your account so you can easily make payments on your loan. With all the options available it is difficult to find a better option for student loan consolidation.

Dean Shainin offers online resources, tools, information and more articles on the many benefits of student loan consolidation, visit this site: http://www.studentloanconsolidationtips.com
Get a free report for your student debt consolidation from his website at: http://www.studentloanconsolidationtips.com/Articles/Student_Loan_Consolidation.php

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Direct Student Loan Consolidation Could Be the Best of the Lot

When in order to reduce your existing loan burden you decide to opt for the student loan consolidation, you will have to decide the plan that is most suitable for you. Direct student loan consolidation is considered best for many experts owing to its unique features.

The traditional advantages derived are flexible plans of repayment of your loans and reduction in the interest rates, and lowering of premium by 53%. However the feature that makes such loan consolidation process unique is the deferment and forbearance options that you get.

Types of direct student loan consolidation

Like others there are also various types of this. These are -

• The Stafford and PLUS loan consolidation plans.

• Direct Stafford and PLUS loan consolidation plans.

• Direct loan consolidation plans.

• Obtaining loan bills from the Center for direct loan servicing.

• Ford Federal program for direct loan consolidation.

• Direct lending school loan consolidation program.

The uses of the direct student loan consolidation

Obviously when you opt for this or any such student loan consolidation plan you will be concerned about the interest to be paid. Internet has solved the problem of getting the required information altogether. You can have all the information on student loan consolidation interest rates on line using the Internet.

Two methods of obtaining the information to learn about the benefits of the direct student loan consolidation plan are requesting for the free information packet or going through the step by step tutorials provide by many consolidators on line. There are also independent reviews available reading which you can form your opinion.

Apply online for direct student loan consolidation

Good news for you is that neither you will have to run to the federal or private provider's offices nor you have to go for a mediator who will perform all tasks for you. You can simply log on to the website of the consolidator and get the required information, apply online, and get approved also online.

Of course you may have doubts and it is better to have them cleared instead of suffering at the end of it landing with wrong choice. This can be effectively achieved by going through the frequently asked questions sections of the website where you have logged on for online application and approval.

Direct Student Loan Consolidation benefits

Traditional benefits available in respect of all other student loan consolidation plans like lowering the premium, extending the repayment period up to 30 years, and reducing the overall payments are available in direct student loan consolidation plan.

You will however have to fulfill certain requirements to be eligible for the direct student loan consolidation. For example you must have federal student loan worth $10,000 and must not have defaulted at any time.

Student loan consolidation process with lower rate of interest would be a great relief for the otherwise financially constrained family. They will now have more savings to look after divergent interests of the family members. That is why lowering the student loan consolidation rates are extremely essential to save your economy from disaster.

Daisy Wilson is one of the renowned authors on student loan consolidation. Presently she is the professor of economics in a leading American University and has been writing articles on student loan consolidation rates periodically in Economic Times and in many other magazines.

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Is Federal Student Loan Consolidation A Good Idea If You Have Student Debt?

All across the United States many people, young and more mature are choosing to continue with their education. For the most part, that results in applying for a student loan in order to pay the exorbitant costs of higher education. After all, college fees have risen significantly over the past few years. It has now become the question of everyone, can I afford to continue with further education?

If this is a question that you have asked yourself, then please continue to read this article.
The cost of university or college has risen drastically over the past few decades, leaving many students with the stress and strain of worrying how they are going to pay for their education.
This normally means that for a large number of students it is necessary that they require more than one loan. This will result, in most cases, with students having these debts to pay once they have graduated. Often, the employment that is found after graduation is entry level or low paying, therefore the student is left with huge debts that leave them not knowing which way to turn and causing worry and stress which can in effect make a difference with their concentration levels whilst working.

There is hope for those students that don't know which bills to prioritize and pay first every month.

Federal student loan consolidation has been designed to assist the graduate by consolidating all of their student debts into one manageable fee to pay at the end of every month. This makes it much easier only having to write one check at the end of every month, instead of a quantity of checks to different companies.

There are different programs that meet the needs of almost everyone that should apply. Each of the programs also endeavor to have varying interest rate.

When it is first decided to apply for a federal student loan consolidation, it is highly important that you first of all research the subject as much as possible. Don’t rush into to a rash decision. Be sure that you can afford the repayments when the time comes and be sure to read all relevant information thoroughly before making the decision to continue with the application.

By going on-line and doing a simple Google search, you will find millions of links to relevant information regarding federal student loan consolidation. You will find millions of links that can assist you in making a decision.

Ask questions until only you are satisfied that you understand the process fully. Remember that once you have signed the papers to a loan agreement, it is a legal and binding contract that you will have to adhere to and that you will have great difficulty trying to back out of.

Never make an agreement that you can pay a certain amount of money each month, until you are 100% sure that you will be able to meet that obligation. Also be sure that the amount of your obligation will continue to allow you to pay your regular monthly bills.

There are many benefits to federal student loan consolidation. A much lower interest rate is offered in order to make is easier to undergo the repayment process. Also, when applying for this type of loan, you will not need any co-signers, nor is a credit check undertaken. It is normally a very efficient process, however it is important to remember that the interest rate will be higher.
UA federal student consolidation loan is not the same as any other type of loan, there are no fees or charges to apply. Also, there are no charges or penalties for early repayment. This is a welcome relief to many people who have sufficient monthly repayments.

It is possible to apply for a federal student consolidation loan with any lender of your choice. There are a quantity of different lenders that give most student loans. However, if all of your loans happen to be through just one lender, you must apply for your federal student consolidation loan with that same lender.

Federal student consolidation loans offer a way to make repayment easier for those graduates that already have sufficient stress, making it a little easier on life. Please remember to visit a reputable lending institution, whereby they can offer you different plans and much advice on which loan would be right for you. Never make the decision to apply for a Federal Student Consolidation Loan with doing your homework first. Be sure that it is the right decision for you.
Ken Black is a writer and owner of many financial websites. Visit Debt Relief Today for lots of more information on Federal Student Loan Consolidation.

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Federal Student Loan Consolidation Made Easy

Federal programs

There are two federal student loan consolidation programs in the united states that allow a student to consolidate all student loans into one single loan:

1. The federal family education loan program

2. Federal direct student loan program

the above two programs were established to address the following loan types:
* Stafford loans * Plus loans * Perkins loans

The offer of fixed interest rate for the whole loan life cycle is one key characteristic of consolidation loans by federal government targeting at students.

A brief history of the federal program

The federal student loan consolidation program was created in 1986 to allow graduates with more than one federal loan to consolidate them all into one single loan package. Such consolidated loans had a variable interest rate from 1986 to 1998 but in 1998, the us congress acted to convert the variable rate to one of a fixed rate weighted average. The latter came into force on February 1, 1999. Before this time, a consolidated student loan from federal government used to have a variable rate. That rate was determined by either the university or the lender, whoever is the loan originator.

In 2005, the government accountability office (GAO) stepped in, took under consideration the savings of consolidating all of the consolidation loans. On the basis of future variations in interest rates, loan volume, percent of defaults and cost estimates from the department of education, GAO concluded that this would cost an additional $46 million. GAO also concluded that this cost would be offset by a savings of $3,100 million which was in part by avoiding a $2,500 million cost in subsidies.

Interest implications

When compared with student loans offered by federal government, the term of payment for federal consolidation loans is longer. It can range anything from ten to thirty years. Even though monthly repayments are lower, the overall cost of the term of the loan is actually higher than with other federal student loans.

The fixed interest rate is derived from using a weighted average of the consolidated loan interest rates. This is done by assigning relative weights according to the amounts borrowed and then rounded up to the nearest 0.125%, but capped at 8.25% interest. Post-graduation grace periods and special forgiveness circumstances are two features of the original loans that have not been carried over to the consolidation loans.

Don't rush to decide

if you have existing loans that cost you considerable money, despair not. Consolidating your loans may be the way to go. However, it is important to appreciate the fact that federal student loan consolidation is not always suitable for every borrower with federal student loan payment.
Ray Young trains elementary school trainee teachers part-time at a teacher training college, and is passionate about helping people becoming financially more prudent and independent through writing and publishing online. He writes on topics like Health Care Insurance. Making it to college or university will be one of the best things that you can ever do to get to the places you want in life. Never let money come in the way to stop you from going to college when you can't pay for the education yourself. To get all the insights and help you need on How To Financially Support Yourself Through College, check out Student Loan Consolidation.

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Student Loan Consolidation - A Helpful Financial Aid Option

Having a stressful time paying off your student loans? Monthly payments too high to handle? Feel that your interest rate is too high? If any of these questions describe your current situation with student loans, you may want to consider student loan consolidation. First of all, let's answer the question of what this is.

Student loan consolidation is the process of combining all of your individual student loans into a single loan from a single lender. While doing this will not really save you any money in the end (in fact, it may cost you more due to greater interest accumulation), consolidating your loans allows you to lower your monthly payments by extending the repayment period (by up to 30 years), which will make the process of paying off the loan much less stressful. By consolidating, you will have enough money to comfortably afford other costs like car payments, rent, and additional expenses in your life. In addition to this, you will have other benefits such as a single monthly payment, possible fixed interest rates, and a good chance to improve your credit (since successfully paying off the loan will be easier). Although extending your loan period will mean that you pay more in interest in the end, if it means easing the stress of paying back what you borrowed then it may be worth it.

There are consolidation programs available for both federal and private student loans. You should consolidate your federal and private loans separately, as consolidating them together will mean that you lose the benefits that come with federal loan consolidation.

For private student loan consolidation, you will take all of your private loans to a lender of your choosing and consolidate them there. For private consolidation loans, you will have benefits such as getting a better interest rate if you have better credit, chances for interest rate reductions (for example, if you sign up for automatic monthly payments from your bank account), and the chance to start off with interest-only payments. However, some drawbacks to private student loan consolidation are not having a fixed interest rate, being required to have a credit check (bad credit can mean you aren't eligible), and a minimum required balance in borrowed money to be eligible for private consolidation. One other benefit of private student loan consolidation is that if you have improved your credit since originally attaining your loans, you may be eligible to lower your current interest rates by consolidating.

You are eligible for federal student loan consolidation if you have borrowed money from the government to pay for college. Some benefits of federal student loan consolidation include having a fixed interest rate, alternate repayment plans, no need for a credit check, and not needing a minimum balance in federal loans to be eligible. As far as drawbacks, they are the same as you will find with any student consolidation loan (mainly paying more in interest and having the "burden" of the loan for a longer period of time). Also note that there are two different federal student loan consolidation programs, FDSLP (also known as a "Direct Loan") and FFELP.

In conclusion, if you are interested in lowering your monthly payments, extending your repayment period, lowering your interest, and/or improving your credit, you should definitely look into consolidating your student loans. When making the decisions, just weight how it will benefit you against the drawbacks that exist, such as larger costs in interest. Student Loan Consolidation may cost you more, but it can definitely make paying off student loans less of a burden.
Money for College Students ~ 5 minutes reading this blog could save you thousands of dollars in financial aid!

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Student Loan Consolidation Interest Rates - Competitive Ones Are What Borrowers Need

It is discovered that US students are leading all over the world when it comes to taking advantage of student loan consolidation interest rates. These days, thousands upon thousands of college students are applying for college loan debt consolidation hoping that they obtain the repayment relief that they expect from these financial loan schemes.

As it is, college loan debt consolidation programs are one of the best ways by which one can have relief from his many student loans. They are effective in helping borrowers get control over their burdensome loans and provide them with the means to plan an efficient budget and repayment scheme.

For the best type of student loan consolidation interest rates, you can find them on the internet. All you have to do is contact the lending companies that are willing to give you affordable repayment plans. Always look for those who take time to share great financial advice, especially on how to effectively handle and manage your multiple college loans.

Of course, when finally the student borrower applies for student loan consolidation, it is advisable for him to first check and study the terms and conditions that are presented to him by the college debt and loan provider. Do not simply accept the first program offered to you. Make sure that the interest rate is low as you are on the lookout for the minimum amount of payment that you need to pay every month. Shun away from lenders who are quick to present to you a variety of attractive consolidation program, but are not willing to offer you interest rates that are low and affordable.

For more interesting articles on sallie mae loan consolidation and federal student consolidation loans, do visit our Fuss About Loans blog.

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Federal Stafford Student Loans - Pros and Cons of Federal Student Consolidation Loans

The main components of the federal Stafford student loan are the two types of financing programs for post-secondary students.

Stafford loans are under the administration of the US Department of Education and comprise the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program.

Only students can apply for a Stafford loan by filling an FAFSA (Free Application for Federal Student Aid) and send it to whatever school they want. Once the form is reviewed, the school decides the financial eligibility.

For direct student loans, the federal government is the lender but the FFEL program allows you to choose the lender using a list offered by the school or a qualified lender.

Under this program, the federal government will guarantee for the loan. The loan can be subsidized (the federal government pays the accrued interest while you're in school) or unsubsidized (the accrued interest will be included in your loan balance).

If a student brings all the correct documents, then he/she can benefit from a subsidized Stafford loan.
Each year in school influences the federal Stafford loan limits and also the subsidized / unsubsidized financing. Below you can find the current regulations that can influence your loan:

Pros: - The credit checks are not required because the Federal government guarantees for the

loan. - The fixed rate interest rates are the lower interest rates on the market - The repayment plans offer very flexible terms. This means that you will set the payment plan that fits you best and also you can consolidate your other loans into a single and more affordable one. - During student enrollment the repayment is deferred.

Cons:
- Sometimes the loan limits are insufficient especially considering today's post-secondary education costs. - You have to submit a FAFSA (Free Application for Federal Student Aid). - You have to ask for Stafford loans every year and in time this leads to multiple payments and loans that will affect your post-graduation life. - You will only direct the use of the funds because they are processed and collected only by the school for your lab fees, books, tuition, etc.

Discover where to get the best federal Stafford student loan rates online. Learn more about student loan consolidation comparison at my site today.

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Education Student Loan Consolidation

College loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with large debt. In addition, they often have several loans from different lenders, meaning they are writing more than one loan repayment check each month. The solution to this problem is education student loan consolidation.


Education student loan consolidation means bundling all your student loans into a single loan with one lender and one repayment plan. You can think of loan consolidation as similar to refinancing a home mortgage. When you consolidate your school loans, the balances of your existing student loans are paid off, with the total balance rolling over into one consolidated loan. The end result is that you have only one college loan to pay on.


Education student loan consolidation offers numerous benefits:


Combines your school loan payments into one monthly bill.


Lowers your monthly debt payment.


Locks in a fixed, usually lower, interest rate for the term of your loan.


Flexible repayment options and no fees, charges, or prepayment penalties.


No credit checks or co-signers required.


You should consider consolidating your loans if the student loan consolidation would have a lower interest rate than your current loans, particularly if you are having difficulty making you monthly payments.



However, if you are near to paying off your existing loans, consolidation may not be worth it. The savings generated by consolidating college loans depend on what interest rate you get and whether you decide to extend your repayment plan. According to Sallie Mae, the leading provider of school loans in the US, consolidating student loans can reduce monthly payments by up to 50 percent.


Learn more about education student loan consolidation by visiting http://www.student-debt-consolidation-loans.net/


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What is Student Loan Debt Consolidation?

Student loan debt consolidation is just like any other form of consolidation whereby a borrower negotiates one big loan with a lending company to pay off all his or her other debts.

If you have several student loans that you have to pay, debt consolidation actually offers the following benefits:

(a) Lower interest rates

(b) Locked-in interest rates

(c) Only one monthly payment

Student Debt Consolidation: It's Not All Rosy

While consolidation offers the simple solution of "merging" all your debts into one, in most cases, it involves swapping all your unsecured obligations with a secured loan.

Secured loans are different from their unsecured counterparts in that the borrower's asset (like a house) is often used as collateral. That is the reason why consolidation packages have lower interest rates. In case you default, the lender can always foreclose your property. Also, since consolidations have longer payment terms, you end up paying more.

Federal Student Loans

If you're planning to take out a loan you can keep your debts to a more manageable level by applying for, at the onset, federal loans like Stafford student loans. Since they are subsidized by the federal government, disbursing lenders charge lowers interest rates for them.

If you have several types of student loans to pay, you will need to consider consolidating your debt if repaying them is becoming unmanageable. Keep in mind that federal student loans cannot be mixed with private loans in debt consolidation. You will need to apply for a separate student debt consolidation plan for federal loans and another for private loans.
After all is said and done, education loans are probably most important debts in the world. But their importance doesn't really spare you from the cost of paying for them right after graduation. So, weigh your options carefully and while you're at it, check out how you can land a high-paying job.

Visit the website http://www.studentdebtconsolidationloans.net/ for more information on student debt consolidation

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Student Loan Consolidation Rates

Are you career minded and want to further your education, but you don't have the funds available? Do you have a million dollar itch, but you can only scrape up $40 to scratch it with? Thanks to the many different types of student loans that are available, you can get the money you need for college. The only trouble is that when you're finished with your education, you're left with a bunch of loans to pay off.

You'll be interested to know that you can manage your loan repayments a lot easier when you consolidate your student loans. You can get a consolidation loan which will pay off your other individual student loans, so you'll have a single loan and single monthly payment instead of several.

The great thing is that since the loan is for a larger amount, the interest rate will be lower, with will help to lower your monthly payments. Combine that with the increased length of the life of your loan and you can sometimes save as much as 50% on your monthly payments. That can really help, especially if your career is just starting and your salary is low.

If your student loans were government loans, you can even apply for a government consolidation loan, which means you'll get a very good loan rate. The rate of a government loan is usually somewhat lower than the loans offered by private lenders.

If you don't have government loans, you'll have to obtain a consolidation loan from a private lender, so you should shop around for the best rate. Rates will vary among lenders and you want to get the lowest rate you can because that will translate into lower payments.

There are two basic types of student consolidation loans and each have different rates. One type is a fixed rate, which will remain the same for the life of your loan. You can also choose a repayment plan which will keep your payments the same each month until your loan is paid off in 10-30 years.

You might prefer to take out a flexible loan so your payments are lower at the beginning of your loan, when you're just starting your new career. Which ever type of loan you choose, you'll need to take into consideration the amount of your loan, the length of the loan, and the interest rate, so you'll know who has the best deal for you.

Rates on smaller student loans are typically higher and if you have several small loans, you could really be paying a lot out in interest. Consolidating your loans will lower your rate, and will also increase the length of your loan, so you might pay out more over time.

Finding a good rate for your consolidation loan is important and you can be assured you are getting a good deal if you shop around first. You can find out quite a bit about current loan rates by searching online. You can even find financial calculators to determine payments and other relevant information.

About the Author
Carson Danfield is an "Under the Radar" Internet Entrepreneur who's been quietly selling various products for the last 8 years. If you'd like to get the more info about student loan consolidation be sure to visit at http://student-loan-trix.com/
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Direct Student Loan Consolidation

Student loans are like a double edge sword - without the loans you wouldn't be able to get your college education and degree - but with the loans, you're often saddled with a huge mountain of debt right as you are starting out with a new career. That doesn't leave much money left over from the new job you got your degree for!

If you're in a position where student loans are putting a strain on your budget or actually making your finances go into the red and giving your credit score a turn for the worse, then you may want to look into consolidating your student loans into a single loan that has a lower interest rate, longer life, and lower monthly payment.

A direct student loan consolidation might be for you if you're struggling to meet your monthly obligations and have used your deferment options already. Especially if you are about to default on your loan, you really should check into consolidating to save your credit rating. A direct student loan pays off all your old individual loans and leaves you with a new loan to start all over again. It's like wiping the slate clean and getting a fresh new start.

The deferment options become available to you again with the new loan in case you ever need it again and you'll usually qualify for a much lower interest rate since the consolidated loan will be for a larger amount. Also, when you consolidate, the old loans show up as paid on your credit report, so that will help to improve your credit standing as long as you pay your new loan on time each month, which should be easier to do with a lower payment amount.

There are actually four plans to look into when it comes to repaying your student loan consolidation -

- Standard repayment plan: This gives you a set monthly payment amount for a period of up to ten years.

- Extended repayment plan: This plan also has a fixed payment amount each month but the life of the loan can be extended to between 12 to 30 years, depending on how much you borrow. This makes the payments automatically lowered since they are spread over such a longer period of time, however when you do this the actual total amount you repay in the end will be larger due to more years of interest.

- Graduated repayment plan: This option will also allow you to stretch your payments over a longer period of 12 to 30 years. The difference is that your payments will increase every two years. This could be beneficial to you if you are just starting out in your career and not making as much money now as you will be in the future. Just make sure your job performance qualifies you for all those big raises you're expecting!

- Income contingent repayment plan: The payment plan is designed for those with a job and family because it takes a look at your annual income and total student loan debt, along with the size of your family, and then comes up with a payment amount that's spread out over a 25 year period.

If you're still a student in school when you consolidate, it's possible that you'll qualify for a six month grace period before you have to start making payments. A consolidation loan will benefit those who are looking at many years of payments ahead. If your student loans are almost paid off and you're having financial difficulties, you may want to look into forbearance and deferment first, because if you refinance, your loans will be spread out over more years and that will increase the total amount you will have to repay.

About the Author
Carson Danfield is an "Under the Radar" Internet Entrepreneur who's been quietly selling various products for the last 8 years. If you'd like to get the more info about student loan consolidation be sure to visit at http://student-loan-trix.com/
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Direct Student Loan Consolidation

Direct Student Loan Consolidation is something with which most of us are aware of. What we are trying to do is to give another angle to what is known about Direct Student Loan Consolidation.
If you think that gathering information is all to article writing then any statistician would have been a great article writer. It is all about arranging what you know and that is what we have done here in this article about Direct Student Loan Consolidation.

If writing were a difficult task, there would not have been so many articles on each and every topic. What is difficult though is writing articles with quality content and after reading this article, you would also agree to that.

Student loans are two-edged swords. Without them, you couldn't pay for that degree you worked so hard for. On the other hand, without them, you might actually get to keep the amount you pay out every month for yourself. You might get to pay your other bills on time, afford a more reliable car, or find a better place to live.

There are so many reasons why one writes an article. We also had a reason. It was simple enough. We knew that we could write better about Direct Student Loan Consolidation than what is being presented on the net.

If repaying your student loans is challenging your budget, or worse, putting your finances - and credit rating - in the red, you might want to think about a direct student loan consolidation.
There are many who think that they would not find anything new in any article but now when you have read so much about Direct Student Loan Consolidation in this article, do you still think that the same is the case with this article also?

With a direct student loan consolidation, you exchange your outstanding student loans with their higher interest rates for one loan with a more manageable, fixed interest rate.
Being interested in any topic means that one tries to have as much information about it as possible and that is why you must be reading this article. Well we have tried to make your task easier by gathering all the relevant information at one place.

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

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

There are four plans for repaying a direct student loan consolidation that you many want to investigate as you consider which is best for your needs.

The first plan is a Standard Repayment Plan and gives you a fixed monthly payment for up to 10 years. The Extended Repayment Plan also sets fixed monthly payments, but the repayment period is set between 12 and 30 years, according to the total amount you borrow. In this plan your payments are lower because they are spread across a long period of time. Keep in mind, however, that making payments over longer periods of time means you will end up paying out a larger total amount.

The third option is the Graduated Repayment Plan. This is another direct student loan consolidation plan with a repayment period between 12 and 30 years, only in this plan the amount of your monthly payment will increase every two years.

Finally, if you have a job and family, the Income Contingent Repayment Plan may be what you're looking for. This plan sets a monthly payment based on your annual gross income, family size, and total direct student loan debt, and spreads those payments over a period of 25 years.
While direct student loan consolidation may be the best way to get on top of student loans for some, if you are close to paying off your existing loans, it may not be worth it in the long run to consolidate or extend your payments.

However, if you are still seeing loan payments coming out of your pocket well into the future, consider the direct student loan consolidation seriously. If you consolidate your loans while you are still in school, you may qualify for a 6-month grace period before repayment begins. You may find you will be able to keep any subsidies on your old loans.

Lower your monthly payments, improve your credit rating, gain control of your loans, and give yourself peace of mind about the future with a direct student loan consolidation.

Beginning and ending of any article are considered the toughest job and now when we have come to the end of this article about Direct Student Loan Consolidation, we would like to share with you that we have put every effort to make this article amongst the best and this could only be judged by you.It is not that we wanted to write this article just for the sake of it. We sincerely want you to make use of the info provided and if you do so, we would feel satisfied.

About the Author
For More Hot Tips and Latest Information, Hurry On to: Student Loan Consolidation Rate Federal Student Loan Consolidation http://mydomainname101.com/Consolidation/
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How Does Student Loan Consolidation Work?

Nowadays, the cost of higher education is getting more and more expensive. Some families may not be able to afford to send their son or daughter for further education. Getting a student loan will help.

There are 2 broad categories of student loans available. Government student loans and private student loans.

Government or federal student loans are funded and administered by the US Department Of Education. It is classified under Federal Student Loans Aid Program. They have very few requirements other than you are studying in a US college or university. International students may also apply though approval is on a case by case basis.

Every year, the student loan aid program disburse nearly 60 billion dollars so it is a good choice for get a student loan from the government. Thus the interest rates are pretty low.

Private student loans are funded and administered by banks and other financial institutions. These lenders provide student loans at a higher interest rate compared to federal student loans. Some common student loans available are from Citibank and Sallie Mae
You are allowed to apply for both private and federal student loans for your education needs although I would not recommend it.

For some students who have a few student loans to repay concurrently, it can be a financial drain on their family finances. That is where student loan consolidation comes in.

Student loan consolidation basically consolidates all your student loans into one loan so that it is easier to manage and make payments. When you are getting a student loan consolidation whether from the government or the private market, your existing student loans are paid for and erased by the student loan consolidation lender. The balances are transferred to the new student loan consolidation. Thus you start a new loan and only needs to make a single payment each month.

There are many advantages to using student loan consolidation. The interest rates will be lower since it takes the average interest rates of your previous student loans. Thus due to government legislation, the maximum interest rate cannot be higher than 8.25 percent.

It becomes a lot easier to manage a single student loan and payment are easier. The repayment options are quite flexible. For federal student loan consolidation, you can opt to start repaying after you have graduated from school. There are also several other options.

Another beneficial side-effect of student loan consolidation is that it can also improves your credit score. Since you are effectively clearing all your old student loans and taking a new one, your credit score will increase and is important if plan to take other types of loans in the future.

About the Author
Ricky Lim works in a finance company specialising in direct student loan consolidation. Visit his site for student Loan
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Student Loans Consolidation Facts

Once in a while, everyone needs a little help with the bills, and college student loans are no different. Many times, students apply for and receive student loans with one thought in mind, and that's finishing school and starting to earn a living.

Because student loans don't have to be repaid until the student has graduated from their college or university, it's easy to forget about the debt hanging over you, in the shadows, waiting to rear its ugly head. In addition, there is no limit to the number of student loans a person can receive, and while they may seem a blessing while you're in school, they can all come back to haunt you years later.

For students who have acquired more than one student loan, consolidation is often a wise and practical solution to combining debt into one easy, and hopefully, low interest payment. Because student loans often come attached with higher interest rates, it's common for lending firms and banks to offer consolidation loans with fairly low rates of interest. Of course, such rates may well depend on your credit history, whether or not you've paid bills on time, and also if you have collateral to put up to secure those loans. Such is usually not the case for those fresh out of college, but there's always the chance that you've bought and paid for your car, or furniture, or rent so that the lending firm can check your payment history.

Most local bank branches offer loans consolidation opportunities, but if you happen to get turned down there, you may want to try other lending firms. However, do proceed with caution when dealing with small corporations or companies and always make sure you read the fine print. Visit such companies with a list of questions, and if they don't answer them, try someplace else. If they don't address your concerns before you secure a loan from them, you can bet that they won't provide much help, or customer service, after you've signed on that dotted line.

Compare lenders and choose the lender who can offer you the lowest interest rate, and one who will work with you to determine your repayment schedule. Know what is common, and what is not, to better prepare yourself for making a wise decision. Never be in a hurry when it comes to financial matters, and better yet, make sure that any lender that you choose offers sound business practices and doesn't have any complaints lodged with the BBB or on online forum and discussion boards.

Some of the most important things to consider when researching loan consolidation options is to know a little something about interest rates, and always make sure that whatever loan you secure does not penalize you for early prepayment. While consolidating student loans is a good idea, it's a bad idea to undertake any financial move without at least knowing the basics. Play it smart and do your homework before you sign any binding and legal financial document.

About the Author
What do you need to know about student loans consolidation? Read more at http://StudentLoansRevealed.com.
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A Direct Student Loan Consolidation May Be Right For You?

A direct student loan consolidation may be an excellent choice for you and your situation. Ask yourself a few questions, gather all your statements and consider the fact that this may be a new beginning to getting your student loans paid off. Many students may put off consolidating their student loans; however they may find out that it is very simple and can put extra money in their pockets.

What Is Right for You?

Ask yourself the follow questions and then you can decide if a direct student loan consolidation is right for you.

Are you having trouble with your monthly payments?

Are you finding yourself in a default status or want to avoid one?

These are important questions to ask yourself and be honest because honesty is the only way that you will know if a direct student loan consolidation is right for you. If your monthly payments are driving you crazy, then this may be an excellent opportunity for you to apply for a direct student loan consolidation.

What are your current interest rates?

This is probably the most important question to ask yourself, because when you have a direct student loan consolidation the rate is fixed for the entire life of the loan. The rate is not to exceed 8.25%. That may be the deciding factor for you and you current situation.

Are You Eligible?

To be eligible for a direct student loan consolidation you must have one or more direct or Federal Family Education Loan Program loans that are in grace, repayment, deferment or default status. If you have a loan that is in an in-school status then it cannot be included in a direct student consolidation Loan. Take a close look at your situation and then you can decide the best path to take. Don’t be swayed by the unbelievable promotional offers flooding your mail box.
It may be possible that even if you do not have a direct loan you can still consolidate. If they include at least one federal family education loan and you have been unable to get a federal consolidation loan with payment terms that work for them. Each situation is different, that is why you must take a close look at all your options and do your research. Only then you will know if a direct student loan consolidation is right for you.

About the Author
John Mailer's articles look at students financial problems and the best student loans consolidation ideas using private student loans. His other site is about the thrills of whitewater rafting
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5 Benefits Of Student Loan Consolidation

Are you sick of paying interest on your monthly student loans with no end in sight? Afraid of cash-flow problems that may prevent you from paying your student loans on time? I know I was and there is a solution to this problem. It is called student loan consolidation.

What is Student Loan Consolidation?

Student loan consolidation simply means consolidating all your student loans into a single loan with a monthly payment plan. Effectively, all your previous student loans are written off and a new student loan is created which you have to pay off monthly.

Benefits of Student Loan Consolidation

Here are some of the benefits of student loan consolidation

1. Lower monthly payments

By consolidating all your student loans into one loan, you only need to pay off one loan monthly instead of several student loans monthly. Thus, your monthly payment is lower

2. Pay only one loan monthly instead of several student loans monthly

It is a lot easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.

3. Low, fixed interest rate

By consolidating your student loans, you will be able to take advantages of low, fixed interest rates. Currently, by law, student loan consolidation rates cannot exceed 8.25%. Furthermore, national interest rates are at a 40-year low therefore this is a good time to get one.

4. No credit card check or processing fees

No credit card check is required during the application of a student loan consolidation. The payment plans and terms are usually quite flexible in that they can customize it according to your financial standing.

5. Make monthly student loan payment electronically

While it is not necessary to make payment electronically, most lenders will knock 0.25% off your student loan rates if you make payment electronically. Also, using direct debit from your bank account will prevent you from forgetting to make a payment.

Sometimes it can get quite confusing as to the qualification of applying for a student loan consolidation. The official stand from the government is that students who are still in their grace period or who are still studying in school may qualify for government student loan consolidation.

The government student loan consolidation nowadays are quite competitive compared to private sector, therefore I would recommend going for a government student loan consolidation. With so many benefits of getting a student loan consolidation, it is quite obvious to save money in the long run is to get one.

About the Author
Ricky Lim works in a finance company specialising in student loan consolidation. Get more information, tools and resources on student loan consolidation, visit this site: http://about-studentloan.com
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