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.
Article Source: http://EzineArticles.com/?expert=Ernesto_Maitim
Thursday, April 30, 2009
Sunday, April 26, 2009
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.
Article Source: http://EzineArticles.com/?expert=Ricky_Lim
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.
Article Source: http://EzineArticles.com/?expert=Ricky_Lim
Tuesday, April 21, 2009
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/
Article Source: http://EzineArticles.com/?expert=Karim_Bennouna
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/
Article Source: http://EzineArticles.com/?expert=Karim_Bennouna
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