Top 7 Tips for Consolidating Your Student Loans

Federal student loan consolidation is a re-financing program that allows you to combine all of your existing federal student loans into one new single loan.

There are no application fees, credit checks, or cosigners required for a student loan consolidation. Benefits of consolidation include:

1. Lower monthly payments.
Student loan consolidation provides a longer repayment term, which in turn lowers your monthly payment. This will free-up more money to use for other expenses such as rent or mortgage payments, food and car expenses, utility expenses, and credit card payments. Depending on your total balance, you could reduce your monthly payments up to 53%. Because there are no penalties for early or extra repayment, you can make larger payments when it becomes affordable to.

2. Lock in a low fixed interest rate.
Currently, unconsolidated federal student loans have a variable interest rate which changes each year on July 1st based on the Treasury bill. By consolidating your student loans, you can lock in a fixed interest rate for the life of your loan.

3. Customize a payment plan.
By consolidating your student loans, you'll have the opportunity to choose a payment plan that best fits your current income level. Plans such as the Graduated Repayment Plan start out for the first several years as a lower interest only payment, and then increase to a level repayment plan. This plan is helpful for those who need payment relief right out of school, while they look for a job and get established.

4. One payment per month.
By consolidating, you eliminate the need to make multiple monthly payments to each of your federal lenders. With all of your loans combined, you will only need to write one check each month. Plus, if you opt for automatic checking account withdrawal, not only will payment be simple, you'll also save .25% on your interest rate.

5. Maintain your deferment and interest subsidy benefits.
Because federal student loan consolidation is simply a new federal loan, you will not lose your loan deferment and forbearance benefits. Additionally, you will maintain your interest subsidy benefits on any subsidized FFELP or subsidized Direct loans that you consolidate.

6. Help your credit.
Consolidation takes all of your existing federal student loans, pays them off in full, and combines them into one new loan. Instead of having multiple open loans with limited payment history, you will have just one loan. Your older student loans will be listed as paid in full. In a nutshell, consolidation helps eliminate open lines of credit.

7. Borrower benefits.
Consolidation offers cash saving borrower benefits for timely, automatic payments. You can reduce your interest rate by an additional .25% just by having your payments deducted from your checking account, and an additional 1.00% reduction for certain loan balance sizes, after making 36 on-time payments.

When should you consolidate? You can consolidate during your grace period or during loan repayment. Your grace period is a six month no-payment window after you graduate or drop below half-time enrollment, before your loans go into repayment. Consolidating during your grace period provides the added benefit of a .6% discount once your consolidation is complete. Because your interest rate is locked, the .6% discount remains for the entire term of repayment. Additionally, apply before July 1st, 2007 - interest rates are expected to increase, so take advantage of this year's lower rates.

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Student Debt Consolidation Loan Better Option for Student

Education has become too expensive and we have taken out loans to meet expenses on education. After sometime these loans are unmanageable, because these are in large numbers. For this situation, student debt consolidation loan is particularly constructed for people like you.

Student debt consolidation loan is available to solve private college debt consolidation loan. The student debt consolidation loan is available with lot of advantages such as, you have to pay much lower interest, until you paid off borrowed amount, your monthly installment is lowered, flexible repayment option with no extra charges etc.

Student debt consolidation loan can also be availed for bad credit students who have suffered lack of attendance. This thing shows that lenders do not keen interested to provide loans to bad credit borrower that is why, they imposes higher interest rate compared to good credit borrower. But, you can get student debt consolidation loan at lower interest rate after selecting good lender and whose quotes are suitable for you.

Student debt consolidation loan can be availed in both forms secured and unsecured student debt consolidation loan. Secured student debt consolidation loan can be availed by placing your asset as collateral. Due to presence of collateral, lenders have less risk that is why he provides loan at lower interest rate. In unsecured student debt consolidation loan, you have no need to provide asset as collateral. Available within least time, because collateral is not required for valuation. A good option for tenants and pg students.

Before taking student debt consolidation loan make strong plan regarding repayment and follow it. It will help to improve your credit history. Lenders also give you option that if you fail to make repayment, then you have to pay late charge and can continue your repayments.

Now, you have no need to face too many hurdles before choosing student debt consolidation loan, because online method is available for you. Through this method, you can avail loan within least time.

Settle Loan Amount with Student Debt Consolidation Loan

What is the most crucial part of a loan? Is it your search, finding approval or anything else? Well, it may come to you as complete surprise that the most significant part of any loan option is its repayment schedule. You may not agree with this particular view now. But, after a certain point of time, you will surely recognize this fact. You may understand its importance when it is too late. So why not consider the perils in advance and take the necessary steps to avoid it.

And if you are already struck in the above mentioned situation, here you will find all possible ways on how to find aid and come out of this trouble. If you are student, then you can apply for student debt consolidation loan and evade falling in the vicious cycle of debts. Here, you will find all the required information on student debt consolidation loan.

With student debt consolidation loan option, you are supposed to make a single monthly instalment for the repayment of the loan amount. It is surely going to help you if you have a regular source of income and stable employment. You will have lower rates of interest, simplified repayment procedure, discount rates and so on. All such astonishing benefits for a lower price, isn’t it a great deal.

Moreover, with student debt consolidation loan, you can stretch the repayment duration of the loan amount. You can extend up to 25 yrs, so that you become self dependant and make the repayment of the loan amount.

You will find very many lenders presenting student debt consolidation loan, as and when you require it. But, you should not blindly go for the first you encounter in a hassle. Moreover, you should be all the more cautious. Get quotations from more than one lender and choose a student debt consolidation loan that will prove to be most suitable to your requirements.

Student Loan Consolidation Is Great Money Management Which Save Money and Time With a Loan

Just finished College and you need to reduce your student loans?? Student Loan Consolidation is a great way to manage your money after you have completed school. With current history low interest rates your student loan consolidation couldn’t come at a better time. You can combine federal and private loans under a single low monthly payment. Student Loan Consolidation Is Great Money Management which save money and time with a loan consolidation

With your student loan consolidation you can save money and pay federal and private student loans off at the same time. With interest rates at record lows you can benefit with low monthly payments. After graduation consolidation loans can help reduce the stress of repaying by putting all your student loan all under one easy monthly payment. Everyone saves time and money with a loan consolidation.

Making the right step to reducing your student loan can make your future alot easier by going with a consolidation loan. Take the time to benefit from a student loan consolidation. Student Loan Consolidation is great Money Management which save money and time with a loan consolidation The stress can all be reduced with a loan consolidation and you will save money monthly with a lower payment overall. Apply for your consolidation loan today!!

What are the pros and cons to student consolidation?

1. Your Grace Period

When you graduate you are given a 6 month grace period before you have to start making your loan payments. When you consolidate your loans, you must waive any remaining grace period. This sounds like a bad thing but remember this is not a “free period.” Your loans will continue to gather interest on the unsubsidized portions whether you are making the payments or not. So while it’s true that you are not required to make any payments for that six month period many students choose to in order to keep their balances from growing.

You may also begin the consolidation process and opt to retain your grace period. Your application is processed and ready for funding but is not actually funded until shortly before your grace period ends. This is a good way to keep your grace period without having to worry about forgetting to apply or not applying in time.

2. Lower Monthly Payments

All federal Stafford, PLUS and Graduate PLUS loans are issued with a 10 year term. This results in a high monthly payment. When you consolidate your student loans, you can increase the term of your loan up to 30 years, greatly reducing your monthly payments.

There are good and bad aspects to increasing your loan term, but they are completely under your control. Increasing the loan term means you will pay more in interest in the long term IF you make the minimum payment for the life of the loan. However, since there are no prepayment penalties you can pay your student loan off at any time. The lower payments of a consolidation can be a great help in the first couple of years after graduation until your salary catches up with your education. Once you have reached your full earning potential you can start making larger payments which will reduce the term of your loan and keep your interest costs down.

3. Graduation

At this time federal law does not allow in school consolidations. This shouldn’t have much impact on students since you are not required to make loan payments while you are still enrolled in school. It can be helpful to have a consolidation lender in mind and your application process started before graduation though to give you one less thing to worry about in the hectic months after leaving school.

4. Loan Forgiveness

Depending on what area your degree is in, you may be eligible for loan forgiveness. Laws and programs vary by state so you will have to check your state’s particular rules, but in general students who work in areas that serve the public, especially in low income areas, are generally eligible for loan forgiveness. Consolidation does not affect your ability to qualify for loan forgiveness with Stafford loans. Perkins loans on the other hand can not be forgiven if they are consolidated. Be sure to discuss this with your consolidation representative when considering student loan consolidation.

5. Number of Separate Lenders

You may find yourself with several different creditors upon graduation. Consolidating them all into one loan has a few benefits. First, you only have to make one payment a month, making your loan easier to manage. Second, having fewer lenders will help your credit score.

5. Payment Plans

Generally your loans have a set payment plan that was established when you took them out and it is usually just a flat payment for the life of the loan. Consolidation offers several different repayment options including graduated payments, extended payments and income sensitive payments. Having choices makes it easier to make your scheduled on time payments.

6. Deferral and Forbearance

All federal loans have the benefit of 3 years of deferral and 3 years of forbearance; this does not change when they are consolidated. In fact, if you have used any of your deferral or forbearance it is renewed to 3 years each upon consolidation.

7. Repayment Incentives

There are a lot of lenders out there who offer many different repayment incentives. Be sure that you weigh out all the options before you decide which company you are going to use. Make sure that you are getting the most savings on your consolidation. Buyer beware: lenders offering a cash back incentive generally give you smaller savings in the long run. Make sure that you weigh out all available plans before you decide which company you are going to be using.

8. Interest Rates

Many student loans are still on a variable rate and it has been steadily increasing over the last couple of years. The only way to fix the interest rate on these loans is to consolidate them. Since the interest rates have been climbing over the last few years it is best to consolidate before the rates increase again on July 1. When consolidating the interest rate is determined by a federally regulated weighted average of your loans current interest rates. One thing to be aware of is if one of your loans has a significantly higher rate it could throw off your other loans. Make sure your loan advisor goes over your interest rates with you to determine the best way to consolidate.

A consolidation is easy and free for you. It requires no credit check or even employment. There are few drawbacks to a consolidation and they can all be managed or avoided by working with a reliable, trustworthy loan advisor. Is it right for you? The best way to find out is to speak with a knowledgeable loan advisor who can go over your individual loans with you and help you determine your best course of action.

Federal student loan consolidation

Some colleges estimate that as many as 90% of their students have received some form of financial aid. Graduation comes and you have to start thinking about paying these loans back. What is the best way to manage your loan payments? For many students it’s a federal loan consolidation.

There are many benefits to a student loan consolidation.
• Reduces your monthly payment up to 60%
• Locks in your interest rates- protecting you from future increases.
• Simplifies your finances by having to make only one payment each month.
• Improves your credit rating.
• Provides flexible payment options.
• No prepayment penalties
In addition competing consolidation lenders offer repayment incentives which will save you money.

Who is eligible for student loan consolidation?

There are very few requirements to qualify for federal student loan consolidation. The following requirements are the basis for eligibility:
• You must have more than $10,000 in outstanding federal student loans.
• You must be finished with school or taking less than 6 credit hours and attending classes.
• You can not consolidate any defaulted federal student loans until they have been repaired.

In addition, consolidation loans are easy to get.
• You do not need to be employed.
• You do not need to have any form of collateral.
• You do not need a cosigner.
• You do not need to have good credit.

Even Parent PLUS loans can be consolidated! You can combine the loans for all of your children into one easy payment.

Speak to a knowledgeable loan counselor today and find out if consolidation is right for you.