Student Loans without Credit Check: A Career Booster

Student Loans without Credit Check: A Career Booster

by Steve c clark

Student Loans without Credit Check: An Introduction In modern world education has been very costly especially the cost of higher studies is increasing exponentially. It is a fact that you may go for loan if you have a good credit history but if you have a poor credit score than you have to bite dust for student loans. Student loans without credit check provide a hope for students with bad credit record as there is no discrimination on the basis of credit history.

Some Aspects of Student Loans without Credit Check The loan carries a fixed amount and also the repayment period is predetermined. Amount is transacted only once and if you need loan again or want renewal of existing loan then you have to request to the concerning firm. You can go for secured or unsecured loans. You have to keep collateral in case you choose secured one while no collateral is kept in case of unsecured loans. The interest rate is higher in latter one but the risk of loosing collateral is avoided in case of unsecured loans. These loans deal with your entire requirement such as tuition fee, hostel fee, costs of books etc. refinancing student loans

Some Facts and Figures The loan amount for a graduate student is up to £13,510. The repayment mode is very easy and starts when you are earning at least £15,000. The interest rate is low and varies from 5.6% to 6.3%. One benefit is that interest rate is same for students with good credit and students with poor credit history. These loans are available online also. You can easily get them by just by filling up a form with details like type of loan preferred, amount of loan, period of loan, contact details, phone number etc. refinancing student loans

Summary Student loans without credit check provide a great help to such students who are on the verge of leaving studies due to financial crisis and help them to go for a better career. These loans are either secured or unsecured in nature. The added advantage of these loans is that you don’t have to really be worried with repayments as they start when you become employed. Stop worrying in lack of money and go for student loans without credit check and give a new life to your dreams. refinancing student loans

A Direct Student Loan Consolidation May Be Right For You?

A Direct Student Loan Consolidation May Be Right For You?

by John Mailer

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

An Aes Student Loan Can Be A Student's Financial Saviour

An Aes Student Loan Can Be A Student's Financial Saviour

by John Mailer

Have you been thinking of going to college but are hesitant to do so because you do not have enough money? If you do not have enough college funds to help you finish a degree, you might want to try an AES student loan to help you reach your goals. The good thing about an AES student loan is that the loan interest is very affordable and you can choose different modes of payment after you graduate.

How to Avail of an AES Student Loan

Before you can avail of a student loan, you should first choose a college or university where you will get your degree. Once you are accepted in the college or university of your choice, go to the college loans assistance office of the school. Ask the student loans counselor to explain to you everything that you need to know about AES student loan. In most cases, your student loans counselor will be able to answer all your questions. refinancing student loans

Once you fully understand the advantages and disadvantages of an AES student loan, the student loans counselor or your school will now ask you to fill up some forms for assessment. The assessment is done to help determine your qualifications for the AES student loan. refinancing student loans

Although most applicants of the AES student loan will qualify, there are certain students who will not be able to get this type of loans. To help you determine your chances of qualifying for the loan, you should discuss the qualifications of the loans with your school's student loans counselor. refinancing student loans

Managing Your AES Student Loan

Once your AES student loan application is granted, you can track your account online. In most cases, you will be given an account number and a password so that you can access your loan accounts online. The good thing about having online access to your account is that you will be able to manage your loans better.

When the time comes for you to start paying off your AES student loan, you can easily pay your debts online. There are at least three types of AES student loan repayment scheme that you can choose from. refinancing student loans

First, there is the level payment scheme where you will pay equal monthly payments until the loan is fully paid. refinancing student loans

Second, the graduated payment scheme where you pay less during the first few months or years and gradually increases later on. Third is the income sensitive payment scheme where your payment will depend on your monthly income.

Consolidating Student Debt at the Best Time with the Best Rate

Consolidating Student Debt at the Best Time with the Best Rate

by Joel Cohen

When debt starts building up from multiple student loans that have been obtained in the past, a lot of students seek for a solution to help them manage repayments in an easy and cost efficient way. A student loan consolidation program does exactly that. They were designed to help students with an alternative way to make payments and manage their student debt. There are however, different things to take into consideration when planning on consolidating student debts.

How Many Loans Should Be Consolidated?

There isn't a set amount of loans one should consolidate. Experts in the finance industry recommend consolidating student loan debt when the total amount of debt is equal or more than $7,500. refinancing student loans

It is known that private student loans should be consolidated separately and not with federal student loans. If you are supposed to pay back a loan at a relatively low interest rate, you may not want to consolidate that loan with others. refinancing student loans

Playing by the Rules Will Help You Get the Lowest Rate

One of the main factors that put you into a debt situation is the student loan's interest rate. In order to pay less for the loan, get a better interest rate. You can do so by consolidating your high and variable interest rates and you will find it beneficial for various reasons. The interest rate quoted by debt consolidation service providers is a maximum of 8.25%. Therefore, it would be wise to consolidate the loans that carry an interest rate higher or ranging at about 8.25%

Compare Options for the Best Repayment Plan

Before making a decision, compare lenders and options for the best student loan repayment and rates. You will quickly notice different options when consolidating your student debt and by having different opportunities from various solution providers you will eventually find the best offer for your needs. Get Student debt help and do research for finding the best solution. refinancing student loans

Consolidating Your Way Out Of Student Debt

Consolidating Your Way Out Of Student Debt

by Joel Cohen

When college is over and you are left with multiple student loan repayments and sometimes even in debt, consolidating your student loans will help manage your loan repayments and even help save some money. Though consolidating your student loans can be found very useful there are different factors you should take into consideration before making a decision. refinancing student loans

Consolidating Student Credit Card Debt

It is important to know that when you join a debt consolidation program you will consolidate your debts that have aroused from student loans you have applied for during or before your studies. Most debt consolidation service providers do not provide programs for consolidating credit card debt. Do some research covering the topic of personal debt consolidation solutions for different solutions and ways to pay off credit card debt. refinancing student loans

Consolidating Student Loans that have Fixed Rates with Variable Rates

When you were granted the student loan a repayment plan was also given to you. Federal student loans such as a Perkins Loan offer fixed and low interest rates. Consolidating these types of loans with other variable interest student loans will not be beneficial. The interest rate you are quoted will not exceed a fixed 8.25% interest rate, whether or not the average of the interest rates you have to repay is higher than 8.25%. Therefore, logic dictates that it is best to consolidate high variable interest debts. Doing so you will enjoy a fixed, and if lucky, averaged lower rate. refinancing student loans

Consolidating Federal Student Loans with Private Student Loans

These two types of student debts should not be consolidated as one. Further more there aren't many, if any organizations that will allow you to consolidate these loans. If you are in debt because of private student loans and federal student loans you may still consolidate them, but separately. Learn more about student debt consolidation before actually getting a loan, for more tips and strategies. refinancing student loans

Student loans UK: opt for your desired course

Student loans UK: opt for your desired course

by Peter Taylor

Students are the heir of the nation; education helps the students to shape their future so that they can yield good dividends for their family and nation too. If you are career oriented and finding tough to tackle with the rising expenses of your higher education then student loan will helps you to fill your financial gap. refinancing student loans

Student Loan comprises of all the expenses that are to be incurred during your education i.e. it includes entire cost of the UK student's education like tuition fees, accommodation, books, computers, transportation etc. refinancing student loans

So, while opting for student loans, UK borrower must know the amount that he will acquired for his higher education so that he can raise that much of loaned amount through student loans UK. The loaned amount under student loan UK depends upon the course that the student opts for. refinancing student loans

The student loans amount differs on the basis of type of the course that the UK borrower has opted i.e. regular, part-time, distance education etc. refinancing student loans

The interest rate on student loans is equal to the prevailing rate of inflation. Moreover, student loans are often supplemented by student grants which do not have to be repaid. One tension releasing point about student loans UK is that after completing the course and getting the job with the minimum salary of £10,000 then only borrower has to repay his loaned amount. refinancing student loans

Student Loan are easily accessible from the banks, financial institutions, online lenders etc. Usually, UK students consider their precious time and apply through online as it provides easy access than other source. refinancing student loans

While opting for student loan UK, borrower should not hurriedly make a fast decision as he should compare and contrast the loan quotes of various lenders to settle the best deal. refinancing student loans

UK students can opt for student loans to accomplish their desired course at the feasible interest rate and flexible repayment period. refinancing student loans

Do I qualify for Student Loan Debt Consolidation?

Do I qualify for Student Loan Debt Consolidation?

by John C. Baker

As a student who has taken admission in college for the first time or as parents who are planning to send their child to college, you can't help but cringe, when you have to purchase textbooks worth thousand dollars or when you receive a bill for tuition fees. The rise in expenses associated with college education in United States has led to increase in demand for student loans. This has, in turn, increased the requirement for student loan consolidation services. Students, whether pursuing their studies in a graduate school or studying abroad have accrued huge debts, much beyond, what was considered reasonable, a few years back. Student loans have lower than normal interest rates and very flexible payment terms. This is because these loans are specifically meant for the people who are not employed. refinancing student loans

But even with such low interest rates and convenient pay-back terms, many students may find it difficult to pay these loans as per the payment schedule. Student Debt Consolidation programs are customized to assist the students in managing their loans and thereby helping them to avoid defaulting on their debts.

There are debt consolidation agencies which are specially meant to manage debt problems of the students. refinancing student loans

Basic Types of Loans Student loans can be classified into federal and private. If you are one of those students who have taken both types of loans it is strongly recommended that you do not consolidate these two loans into one. Out of these two loans, only loans classified as federal can be refinanced as they are backed by the government. You should package all the federal loans into one and solve them before heading for the private loans. Private loans are mostly unsecured in nature therefore they charge interest rate which is higher than federal loans.

Criteria for Consolidation If you would like to go for consolidation of your student loan, you will need to meet certain criteria. Firstly, it is required that either you should be out of the school or college and be in what is defined as the "grace period" of your loan or you must have already started repaying the loan in order to take advantage of student debt consolidation service. When you get in touch with a consolidation agency providing service to students, you must begin by asking them to get in touch with your creditors. refinancing student loans

The agency will negotiate with these creditors and convince them to reduce rate of interest as well as your monthly payment. The repayment of your student loan has a direct impact on your prospects of taking loans in future, as is the case in any other type of loan. In case your student loan becomes more than 85% of total monthly income earned by you, it will be assessed as a negative score for any future loans. This emphasizes the importance of timely repayment of your student loan and its effect on your future decisions of borrowing money. Based on their evaluation of your financial position and repayment schedules, some debt consolidation agencies can qualify you for further debt reduction programs. These addition reduction programs assist you in many ways, most important of which is reduction in your interest rates. They also include savings made during grace period, automated direct debit payment and on time payments.

Beware

It is very important to state here that not all consolidation companies are genuine in nature. Therefore, you must apply to the consolidation company which is a famous company with credentials to support. Ignoring this advice may lead to substantial increase in your problems as such illegal companies will lead to higher debts. refinancing student loans

Preparing for the future with student loan consolidation

Preparing for the future with student loan consolidation

by Groshan Fabiola

Student loan debt from multiple lenders is a burden that many students graduate with. The good news is that student loan consolidation is available for both federal and private student loan programs. It is not a good idea, however, to consolidate student loan debt from both federal and private lenders; they should be consolidated separately. refinancing student loans

Federal student loan consolidation has some benefits over private student loan consolidation for a few reasons. There are three main reasons for federal loan consolidation, which are to lock in an interest rate, simplify finances and lower monthly payments. After consolidating student loan accounts, borrowers only need to make a single student loan payment each month. It is much easier to remember to make payments on time without having to balance multiple payments. refinancing student loans

Borrowers can also spread out federal student loan repayment over as much as 30 years, and the interest rate on these student loans is generally very low. Federal student loan consolidation results in a single fixed interest rate guaranteed for the life of the loan, so there's no need to worry about their rate fluctuating with the market. The interest rate on federal loan consolidation is determined by the weighted rates of the student loans that are being consolidated. The government has set a rate cap of 8.25 percent on federal student loan consolidation. refinancing student loans

All federal student loans are eligible for consolidation, but the best interest rates are available while they are in their grace periods rather than in repayment. There is no minimum balance, employment history or cosigner needed for to qualify for federal student loan consolidation. Applying for federal loan consolidation is free, and borrowers do not have to go through credit checks. refinancing student loans

It takes one or two months for a federal student loan consolidation to go into effect, at which time student loan repayment will begin. There are four student loan repayment options, which are standard, graduated, income-contingent and extended. Graduated repayment is where payments increase gradually, income-contingent repayment is where payments are based on annual income, and extended repayment is where payments stretch over a longer period. There is also no prepayment penalty on federal loan consolidation. refinancing student loans

It is a bit more different to consolidate private student loan debt, but the main benefit is the same. It is much easier to make a single student loan payment each month than to pay off several different loans separately. It's also possible to obtain a fixed interest rate and improve one's credit score by having fewer accounts open. Private loan consolidation is a bit more difficult to obtain than federal loan consolidation, though. In order to be eligible, one must be a U.S. citizen, pass a credit check and often pay a small application fee. refinancing student loans

The terms and conditions vary much more with private student loan consolidation than with federal student loan consolidation. There are several things that everyone interested in private loan consolidation should consider, though, including forfeiture of the individual benefits of the separate loan accounts. Some lenders may also extend a variable interest rate rather than a fixed one. Borrowers can also only consolidate private student loan debt once, and can never "un-consolidate" their student loans. refinancing student loans

When students and graduates do their homework, they can make the most of their student loan debt through a consolidation loan. There are several differences between federal and private student loans, including the ways they are consolidated. Any student who is nearing graduation or who has recently graduated should definitely look into their student loan consolidation options; it may be the best way to ensure a solid financial future. refinancing student loans

Federal Loan Consolidation for Medical Students

Federal Loan Consolidation for Medical Students

by Matthew Kelly

By the time you graduate you will most likely have at least $200,000.00 in student loan debt. After interest is added you could be paying a total of over $500,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. You will probably have both federal and private loans but for this article we will be dealing with only your federal loans.

Loan forgiveness - refinancing student loans

The first thing to look into is if you will be eligible for any loan forgiveness, you don't want to lose your eligibility by not knowing what is required. In general you have to practice in a facility that serves low income people for a number of years but the conditions do vary by state. Check with your state's department of education for the specific rules. http://www.ed.gov/about/contacts/state/index.html With Stafford loans it doesn't matter if you've consolidated the loans or not, they can be forgiven either way. With Perkins loans you lose any chance of forgiveness if you consolidate them so you should check into it before deciding to add them to a consolidation. The National Health Service Corps offers loan forgiveness programs for physicians who agree to serve a certain number of years in areas that lack adequate medical care. Many hospitals and private care facilities offer loan repayment as an employment incentive for medical personnel.

Deferral and forbearance - refinancing student loans

When you graduate and go into your residency or fellowship your loans will be switched to repayment status and you will have to make payment arrangements. Since most students in residency or fellowships do not make that much money they want put off making their payments. All federal loans come with the benefit of three years of forbearance and three years of deferral. In deferral the government pays the interest on the subsidized portion of your loans, in forbearance you are responsible for all of the interest. You must qualify for deferral, some fellowships qualify but since residency is considered employment the only option there is if you can show an economic hardship. In general your loan payments must exceed 20% of your disposable income to qualify for economic hardship. One of the benefits to consolidation is your deferral and forbearance time is renewed. This can be important to a medical student looking at a long residency, in that case you would want to wait to consolidate until you have used all of your deferral time so you can have three more years of it. It is important to remember that you are gathering interest during this time on all but the subsidized portion of any loans in deferral, the costs can really add up. Most lenders will allow you to make payments as you can during deferral and forbearance, if you think you will be able to offset your costs by paying anything during this time make sure your lender will accept payments when you are considering a consolidation company. refinancing student loans

Capitalizing interest - refinancing student loans

When choosing a consolidation company ask how often they capitalize interest during your deferral or forbearance period. A company that capitalizes quarterly will cost you more in the long run than a company that capitalizes yearly.

A student loan consolidation can save you thousands of dollars in interest but you must choose your company wisely. Ask questions before you decide who to consolidate with. Know how much you will be paying in total. refinancing student loans

Could A Federal Student Consolidation Loan Help You?

Could A Federal Student Consolidation Loan Help You?

by Ken Black

Many people, young and young at heart have the desire to continue their education. For most of them, that means taking out student loans to pay the exorbitant costs of higher education. refinancing student loans

The cost of higher education has risen drastically over the past few decades.

This means that often, more than one loan is needed. In most cases, students will have these debts to pay when they graduate. Often, the employment that found after graduation is entry level or low paying and the student is left with huge debts that leave them almost penniless every month. refinancing student loans

There is hope for those who have to choose which bills to pay every month.

Federal student loan consolidation was designed to assist the graduate by lumping all of their student debt into one bill to pay each month. This makes it easier by having to write just one check each month instead of several to different companies. refinancing student loans

There are different programs that meet the needs of almost all that apply. Each of the programs will have a different interest rate. refinancing student loans

When you first decide to apply for federal student loan consolidation, it is important that you research the subject as much as possible. refinancing student loans

By doing a simple Google search, you will yield millions of links to information regarding federal student loan consolidation. You will find millions of links that can assist you in making a decision. refinancing student loans

Ask questions until you are satisfied you understand the process. Once you have signed the papers, it is a legal and binding contract that you will have a difficult time backing out of. refinancing student loans

Do not agree to pay a certain amount each month until you are sure that you will be able to meet that obligation. Make sure that the amount of your obligation will still allow you to pay your regular monthly bills. refinancing student loans

There are many benefits to federal student loan consolidation. You are offered a much lower interest rate to make repayment of your student loans easier. Also, when you apply for this type of loan, you do not need any co signers, and a credit check is not done. The process is usually very quick, however it is important to remember that the interest rate will be higher. refinancing student loans

Unlike other loans, a federal student consolidation loan does not have any fees or charges to apply. They also do not charge you any penalties for early repayment. This is a welcome relief to many who already have too much to repay.

You can apply for a federal student consolidation loan with any lender that you choose. Different lenders 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 lender. refinancing student loans

Federal student consolidation loans offer a way to make repayment easier for the already stressed out graduate. There are several different plans that you can discuss with your lending institution to decide which one is right for you.

Consolidating Your Student Loans Could Put Money in Your Pocket

Consolidating Your Student Loans Could Put Money in Your Pocket

by Gail Metcalf

The loan pre-requisites have been simplified greatly in the recent times, making it very easy for anyone, even those with bad credit, to get loans. The good thing about student loans is that you can study now and then pay your school expenses later on. refinancing student loans

However, if you do not manage your student loans well, you could end up getting in a severe financial mess after graduating from college. Since many types of student loans would become payable the moment you graduate, you would definitely have a hard time paying off your debts if you have not been very prudent about getting the loans in the first place. There are so many advantages in consolidating student loans that it should be a top priority for you to do as soon as you graduate or even before. refinancing student loans

When it comes to student loans, often the inability to pay is due to the fact that the person in question was unable to foresee all of the expenses that he / she would incur once they graduate and live on their own. refinancing student loans

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

Are you having trouble with your monthly payments?

Are you finding yourself close to a loan default or want to avoid getting to that place?

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. refinancing student loans

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 good standing, 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.

An online student loan consolidation application should bring some anxiety and cause you to consider many things before submitting your application. It's important to know whether or not the site you apply on is secure. On your online student loan consolidation application there will be a listing of all your student loans, the account numbers, balances and name of all the lenders. refinancing student loans

It seems like everywhere we go these days you are told and given information about a privacy policy. Your online student loan consolidation application contains so much information that you would never want it to get into the wrong hands. So each lender should have a privacy policy that protects you as an applicant.

Ask questions, most lender websites will have a telephone number for you to call, allowing you to inquire about their privacy policy. Lenders should guarantee that your financial information is confidential and protected through the use of firewalls, passwords and data encryption. Remember to ask your loan representative if your online student loan consolidation application is only seen by authorized personnel.

Shop around for the best possible terms and conditions and do not be afraid to ask for a little extra even from the leading banks. You may be surprised and you will end up with significant savings; not to mention the satisfaction that these savings are a wonderful bonus for you. refinancing student loans

Exploit The Benefits Of The Private Student Loan

Exploit The Benefits Of The Private Student Loan

by Ken Golden

There is a distinction between private student loans and federal student loans in the sense that federal loans are guaranteed by the Federal Government. They present numerous striking stipulations like very affordable interest rates, postponed repayment, subsidized interest payment including extended repayment stipulations. refinancing student loans

However, private student loans can be obtained from banks, credit unions including other financial institutions, and are based not on fiscal need, but on credit history including ability to pay off of the borrower. refinancing student loans

The private student loan may well work as an additional source to federal loan programs and may well be meant for lots of diverse educational purposes for example education, books, living expenses including computers. Interest rates as well as payment stipulations will vary from lender to lender as well as being based on the credit rating of the borrower. refinancing student loans

Now and then, it is additionally possible for a co-signer to be given a private loan, though it is not necessary, mainly if the student has a satisfactory creditworthiness, is employed full time and is a citizen of the USA or permanent resident. In case the student fails to comply with minimum eligibility requirements they may well request a private student loan with a co-signer who does meet those requirements. refinancing student loans

The interest rate percentages for a private student loan can differ in keeping with the special goal of the loan, and for private loans for undergraduates; the percentage of interest would be 4.65 percent above LIBOR. refinancing student loans

With college expenditure steadily escalating and the number of people ahead of you for federal loans similarly rising, it is not surprising that private Student loans are fast becoming the most rapid increasing source of funds for U.S. college education. refinancing student loans

Many families find in the private student loan, a suitable including simple means of getting the capital necessary to cover off college education costs. Submitting and application for a private student loan is very efficient and the entire process can be completed in as little as 15 minutes. refinancing student loans

Alternative or private student loans generally obtain their funding from private financial institutions and are not subject to Federal instructions.

The cash obtained in this manner can be used to pay for education expenses as well as many other costs related to education. refinancing student loans

Private student loans can often be used to complement the federal student loans, especially when federal student loan funds fail in meeting the final cost of education. refinancing student loans

Procuring Student Loans

Procuring Student Loans

by Adam Heist

Attending a college or a university is not as simple as it seems. Higher studies are something that involves great expenditure, and frankly speaking, average American needs to stretch his/her budget very greatly in order to cover the expenses. In a survey by the college board itself, the estimate of annual college expense - including tuition fees, room and boarding and incidental costs - comes to an astounding figure of $11,000 for a two-year college and $14,000 for a four-year college. If the college is private, then the costs could reach astronomical highs of $30,000 on an average per year. And to top it all, there is an inflation rate of 5-8% per year. refinancing student loans

Solving this financial problem often becomes the focal point of student life. This is the reason why the government has come up with schemes to offer loans to students who wish to pursue higher studies. Federal aid has become today one of the largest pools of finance for students in the US. There are $67 billion available for handing out as loans to students to further their educational qualifications.

But there are many factors that determine whether or not a student gets a federal loan. The student is needed to fill out various applications, and then he/she would be granted the particular amount of money for the coming year. The requisites to get such a loan are a high school diploma, admission in a registered college for a stipulated number of days, maintaining a GPA in the classes, and being an American citizen. refinancing student loans

The federal Stafford loan is perhaps the commonest of the federal loans available to American students today. This loan is also one of the easiest when it comes to repayment; the student needs to begin paying back only after six months of getting the graduating degree. Subsidized loans are the second-most popular types. These loans are given according to the financial needs of the student. The student requires to be enrolled for at least halftime in college. Contrasting with these are the unsubsidized loans, which are not dependent on the financial needs of the students. Parents are required to pay a certain amount of the loan within a given period of time. refinancing student loans

Campus-oriented programs are also a source for obtaining loans. These could be given by the university or college themselves, in the form of grants or loans. The advantage of these loans is that they allow the student to work on the campus and hence return a portion of the loan while studying itself. These loans are dependent on the needs of the student. Such loans also make a student eligible for federal Perkins loans. refinancing student loans

To apply government loans, the FAFSA website can be used. March is the month when fresh applications are entertained. Once the application is done, the processing of the loan would begin, which would include finding out which loan the student is eligible for. The options available to the student are put before him/her, which could be accepted or rejected by the student. refinancing student loans

Students attending a university can also apply for private loans. These loans do carry higher rates of interest than federal loans, but they also provide more finance. The student needs to hunt a bit more for private loans, as regards lower interest rates. refinancing student loans

Federal and private loans are the two main solutions for the problem of financing student courses. One more hidden advantage of getting such type of financing is that the student does not need to bother about inflation in the successive years while the course is underway. refinancing student loans

Bad Credit Student Loans: No More Worry about Study Costs

Bad Credit Student Loans: No More Worry about Study Costs

by Kevin Clark

Did you know that money problem is the Achilles heel of a student in America? Think of a student is in foray of piling money for his studies, the thought obviously does not bring any sweet feeling because we expect a student to go through his books only. However, the case is not so serious since there are student loans to heal the problem and these are available also for the student who is currently having a bad credit record. Well, these loans are termed as Bad credit student loans which advance funds for your study without paying any heed to your credit ratings. refinancing student loans

Bad credit student loans are available for any of the study expenses of an American student. The lenders will advance you the bad credit student loans to let you meet your boarding costs as well as all the related expenses like computer fees and college fees. However, these bad credit student loans are available in two formats for the ease of the student. They are secured bad credit student loans and the unsecured loans. If you are affluent enough to pledge a collateral, you will get the secured bad credit student loans with cheap rates. And if you are looking for bad credit student loans without any collateral attachment, there are unsecured bad credit student loans for your purpose. refinancing student loans

However, the repayment method of bad credit student loans is one thing which commands much appraisal and it says you can pay off the loans once you are over with your studies and start earning. refinancing student loans

But, it is the online processing of bad credit student loans which alone is able to take these loans to the pinnacle of loan industry. Online makes the rates cheap and the processing as fast as your mouse clicks. Just fill in an application for and unlimited quotes which are the best in the industry. The rest remains with choosing the right deal. refinancing student loans

Debt Consolidation Is Not Always The Right Solution

Debt Consolidation Is Not Always The Right Solution

by Jessica Peterson

Debt consolidation can save you from debt problems, can improve your credit score and save you thousands of dollars. However, not all debt can be consolidated and given that there are different consolidation programs you should check if the one you chose or the one that the agent chose for you is really to your advantage. refinancing student loans

There are many reasons why debt consolidation may not be the right solution for you. Debt consolidation cannot solve debt problems for all kind of debts.

Debt consolidation may be too expensive if debt has already affected your credit and you don't have collateral. And certain debt consolidation programs may be nothing but scams. Thus, you need to be well aware of what you are getting into.

Debt Not To Be Consolidated

For starters, you should understand than not all debt is suitable to be consolidated. The reasons for this are varied. Most subsidized loans already carry very low interest rates and thus, it makes no sense to consolidate those loans by using a more expensive loan. This is always true, unless of course what you need is to reduce the monthly payments by extending the loan repayment period. refinancing student loans

There are many subsidized loans. Government loans for students, private loans for students, government loans for first time home buyers, government loans for starting businesses, government loans for research disciplines, etc. are just a few examples of subsidized loans that are not suitable for consolidation. refinancing student loans

There are loans that being secured are not suitable for consolidation. Though refinancing can be a form of consolidation if other loans and debt are repaid with the exceeding cash obtained from a cash-out refinance loan, truth is that very seldom a home loan or home equity loan is included in a debt consolidation program. refinancing student loans

Debt Suitable For Consolidation

Generally speaking only debt which is unsecured in nature and secured debt taken when your credit score was low (bad credit debt) is suitable for debt consolidation. The latter will be suitable only if your credit score has improved or if you can provide better collateral and thus obtain a more competitive interest rate.

Examples of unsecured debt are: unsecured personal loans and personal lines of credit, credit card debt, store card debt, pay day loans, cash advance loans, certain student debt, bank account overdraw agreements, bank pre-approved personal loans. All of these can be consolidated into a single loan or the terms negotiated by a debt consolidation agent. refinancing student loans

Debt consolidation in the form of a loan carries the advantage of obtaining a single and lower monthly payment that will simplify your budget while you work on your expenses. Debt consolidation in the form of negotiation is also an excellent tool that can provide a solution by reducing rates, eliminating debt generated by interests or extending the repayment programs so as to make debt more affordable. refinancing student loans

And finally, both methods can be combined offering an excellent way of eliminating debt, managing finances and improving credit score in the same debt consolidation program. refinancing student loans

Cheap Student Loans for a Bright Future

Cheap Student Loans for a Bright Future

by Peter Taylor

Some learned man has said that, "education is the transmission of new civilization". And thus is a right of each and every individual. Unfortunately, this saying is quite expensive to be true in the present environment. Unexpected hike in the college fees has counted the patience and morale of the students. Parents are tired enough to cope with the high charges of course and tuition fees. In such a situation, students are either forced to leave or change their desirable career option. To evade any such situation, these days a large number of lenders have come up with the loan option of cheap student loans. refinancing student loans

Especially designed for students, Cheap student loans are configured keeping a strict view at all the requirements of the students. Apart from college fees, it includes computer charges, hostel expenses, books charges and so on. With cheap student loans, one can manage approximately 75% of his expenses.

As for the repayment of cheap student loans, the borrower will have sufficient time to repay the loan amount. These are the most enduring type of loans. These are offered in unsecured form, there is no need to offer any assets. You will have more than one repayment options. For instance, pre payment, graduate repayment option and so on. refinancing student loans

One should opt for Cheap student loans with the proper advice of some loan expert. In this way, student will enable student to opt the right type of loan plan. You can meet personally various lenders; imbibe their terms and conditions well, before arriving at any decision. For hassle free deal, online sources are the best available options to search for. Make use of comparison tools to crack the best deal of cheap student loans. refinancing student loans

Student loans information: understanding student loans

Student loans information: understanding student loans

by Antonio Vargas

If you are planning for a higher studies in Harvard University or Oxford University go ahead as it's the time to build your career. If finance is the problem then opt for a student loan as it is best out of other loans for your studies. Student loans are framed to boost up your career. But don't forget to acquire the information regarding student loans. Student loans information helps the borrower to compare and contrast the quotes of different lenders. refinancing student loans

As the name student loans signifies that student loans are meant for payment of the professional education. To manage the rising expenses of the education, student loans are helpful in pursing the higher education. While searching for student loans information, borrower must check the cost of education i.e. students tuition fees, accommodation, books, computers etc. refinancing student loans

Student loans are mainly sponsored by the government but they can be privately issued. Depending upon the financial situation of borrower's family, accommodation, course fee etc loaned amount is determined. Therefore, 25% of the loan amount is evaluated on the basics of the family income.Student loans are meant to assist the student with their cost of living during the study period.

Considering the Student loans information, it is observed that student loan usually carries lower interests than other loans. The interest rate depends upon the present inflation rate. Student loans are often supplemented by student grants which do not have to be repaid. refinancing student loans

The student loans information differs on the basis of type of the course that the borrower has opted i.e. regular, part-time, distance education etc. every country or region has different aspect for determining the student loan amount.

Student loans information provides that student or borrower with age up to 55 years can be opt for the student loans. Borrower with the age 55 years has to confirm that he will work after the completion of his course. refinancing student loans

So before opting for student loans, as a borrower you should compare and contrast the information of various lenders, to settle your best deal. refinancing student loans

Exploring Basics Of The Federal Student Loans

Exploring Basics Of The Federal Student Loans

by Ken Golden

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

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

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

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

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

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

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

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

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

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

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

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

Stafford Student Loans

Stafford Student Loans

by Rene Graeber

To gain a meaningful education it is wise to choose a university where your interest in classes will be captured. To help the selection process you may want to see what type of student loans you can get. The best one to look at in full detail is that of the Stafford Student Loans program. This program is one of the most popular loans programs that you will find. refinancing student loans

This is mainly due to the low cost loan that is sponsored by the federal government. In addition to the low cost there are other benefits that are helpful when you are considering any type of loan. The benefits of the Stafford Student loans are one like you're getting 3.3 percent of your loan back as cash or credited to your account credit. To qualify for this cash back bonus you will need to make the first 33 payments on time. refinancing student loans

As with many services in the world when you need help you look for the customer services to help you out. With the Student Loans you will receive quality customer service when you need it. You will get Sallie Mae's online account management tool. You will also receive account information by email. refinancing student loans

The procedure to getting either of the Stafford Student Loans is not the difficult. You will mainly need to fill out a FAFSA form and submit in time (before the deadline has finished that is!). If you are considered as being eligible the FAFSA government branch will send this information to the Student Loans people where they will check the various details that you have given out. refinancing student loans

Now if there are no problems with your application form you will then be informed of the next steps you will need to take. Once you have fulfilled these various terms and conditions of the Student Loans out you can choose which of the two loans you prefer to use. You will have a choice of either the Subsidized Stafford Student Loans or that of the Unsubsidized Student Loans. refinancing student loans

While there is not that much of a difference you may want to look into the details of both of these loans thoroughly. The main difference that you will see is that the federal government pays the interest for you during the entire period of your being a student who is using the loan in one. And in the other loan you will need to see what the interest rate is. From this amount calculate how much you need to pay during the pay back time period. Which incidentally is about 10 years. refinancing student loans

Settle Loan Amount with Student Debt Consolidation Loan

Settle Loan Amount with Student Debt Consolidation Loan

by Alex Jonnes

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

An overview of Federal Student Loans

An overview of Federal Student Loans

Are you beginning the process of figuring out how you're going to pay for college? Financial aid is great - it'll help you achieve your education dreams, but it's a complex process with a growing variety of student loan options from which to choose. Assuming you've explored all opportunities for scholarships and grants, your next option is to research student loans. These come in two general categories: federal student loans and private student loans. refinancing student loans

The first place any prospective student should start is with federal student loans. Federal student loans are backed by the U.S. government and are available directly through your school or through banks and student loan lenders via the Federal Family Education Loan Program (FFELP). These loans typically have lower interest rates, multiple repayment options, longer repayment periods, and much easier credit requirements than private loans. In order to receive a federal student loan, you must complete and submit the FAFSA, the Free Application for Federal Student Aid. For assistance with this form, visit FAFSAonline.com. refinancing student loans

Federal student loans come in a variety of forms, from need-based aid to loans targeted to parents:

Perkins Loan
The Perkins Loan offers a very low fixed rate of 5% to undergraduate and graduate students who demonstrate financial need. Depending on your level of need, undergraduates can borrow up to $4,000 and graduate students up to $6,000. Unlike other federal loans, the funds are dispersed from the school and the student does not have to be enrolled at least half-time to be eligible. refinancing student loans
Stafford Loan
The Stafford Loan is the most common federal student loan as it is not necessary to demonstrate financial need - anyone can apply. These loans carry a fixed interest rate and come in two forms: subsidized and unsubsidized. The interest on subsidized Stafford Loans is paid by the government while the student is in school; the student pays the interest on unsubsidized Stafford Loans but they can defer making any payments until graduation. All Stafford Loans require the student to be enrolled at least half-time. Depending on year, students can borrow between $2,625 (freshmen) and $5,500 (senior) a year. refinancing student loans
PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) is targeted to parents of dependent undergraduate students who are enrolled at least half-time. Although there is not a full-scale credit check for these loans, the applicant must not have any adverse credit experiences on their record (e.g., bankruptcy, default). Parents can borrow up to the student's cost of attendance less any other aid the student has received. These loans carry a fixed interest rate that is higher than the rate for Stafford Loans, and repayment starts while the student is in school. refinancing student loans
Private (or Alternative) Loans
As mentioned above, you should exhaust your options for federal loans before turning to private student loans. But federal loans often do not fully cover the cost of tuition. The market for private loans has been growing dramatically in recent years to help fill the gap between rapidly rising tuition costs and funding from federal student loans. There are a few pros and cons to consider when looking for private loans. refinancing student loans

Pros:

* Students can borrow up to 100% of the cost of education
* Many offer borrower benefits that can reduce the interest rate
* Lower rates may be available if your school certifies enrollment and the check is sent directly to the school
* Funds may be used for tuition, room and board, books, or a computer
* You are not required to complete the FAFSA

Cons:

* These loans are subject to a credit check, which will determine approval as well as your interest rate (using a co-signer significantly increases your chances of approval)
* The interest rate is variable and may increase over the life of the loan
* Private student loans may not include a deferment option

The Many Great Benefits to be Found in Federal Student Loans

The Many Great Benefits to be Found in Federal Student Loans

by Muna wa Wanjiru

While our lives can be considered as being very hectic we look back on our college days with happy nostalgia. It is perhaps for this reason that parents try to get their children into universities where they can build a future as well find a host of treasured memories. While this dream is very admirable there are times when money can pose a problem for this educational dream. The number of federal student loans that are around can help you out if this problem. refinancing student loans

When you look for a suitable financial aid program do keep your options open. The many programs that you can find will offer you many benefits that will not only help your child but also yourself. You should however make sure to collect at least several different ones. The documentation that is listed should be read. refinancing student loans

If you encounter any sections or items that you don't understand you should see about getting clarification for these questions. Some of the federal student loans will be able to be paid back after you have finished your child has finished with their higher education. In these many loans you will have lots of terms and conditions that you will need to understand. refinancing student loans

A few of the higher educational institutes will also have loan programs of their own. This situation makes it easier for you to choose from the many programs which are available. Just to give you an idea of the federal student loans you will be able to apply to here are a few ones that are well known. The Stafford student loan is one of the more popular programs. refinancing student loans

This low cost program has many benefits for the student. These benefits will include subsidized and unsubsidized loan programs. The amount of money that you will need to pay with these programs is different. For this reason you should decide which route you wish to take with these federal student loans.

FAFSA is the other well known student loan program. As these two programs are popular it is best if you research the various characteristics of these federal student loans and then see if the other programs can provide you with the same benefits. refinancing student loans

There are times when the various federal student loans that we see are not viable options for our children's education. At these times looking for alternative loan routes is a good option for you to take. refinancing student loans

Even though the federal student loans are not an option that you can take you can help someone out. Let them know about them know about the many great benefits to be found in federal student loans. After all this is for the benefit of tomorrows generation of citizens. refinancing student loans

What are the pros and cons of student loan consolidation?

What are the pros and cons of student loan consolidation?

by Matthew Kelly

Should you consolidate your federal student loans? It is important to make an informed decision when considering this financial matter. Here are some things to consider when weighing your decision. refinancing student loans

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

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. refinancing student loans

6. 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. refinancing student loans

7. 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.

8. 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.

9. 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. refinancing student loans

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. refinancing student loans

Consolidate Those Student Loans Now

Consolidate Those Student Loans Now

by J. Stanley

Student Loan Consolidation is a practical repayment management option to bundle all of the federal student loans you received to finance your college education into one. When your new loan is issued, the lender pays off the outstanding balances of the loans you consolidated. In essence, you refinance your college education debt. We specialize in helping you and giving you the most up to date Consolidate Federal Direct Loans information! Loan consolidation isn't just for students, either. Parents can consolidate PLUS loans to save just as much money each month as their kids. refinancing student loans

Refinancing can significantly reduce your monthly payment burden by stretching your repayment period from the standard 10 years to up to 30 years, depending on how much you owe. Request a free loan consolidation information packet now and you can lock in a low fixed interest rate! refinancing student loans

Why is student loan consolidation the best Option? Student loan consolidation is a refinancing program that:

Reduces your monthly payment up to 60% Simplifies your finances by creating one low monthly payment Locks in your interest rates Improves your credit rating Saves you money today when you need it most Provides flexible repayment options refinancing student loans

Why consolidate your student loans? Reduce your interest rate as much as an additional 1.25% through our borrower benefits package. Applying for your loan with us is easy, and There are no fees, no credit checks, no cosigners, no job required! Consolidation can significantly reduce your monthly payment burden. Learn why this is best! Student loan consolidation allows you to stretch your repayment period from the standard 10 years to up to 30 years, depending on the amount of your education debts. The lower payment means you'll have more money available to meet other household expenses, including car payments, childcare, and career-related necessities. refinancing student loans

All Loans In One - Student Loan Consolidation

All Loans In One - Student Loan Consolidation

by Mark de Smit

A student loan is a kind of loan that students can avail of to help them in paying for their professional education. Student loans are guaranteed by the government and typically have lower interest rates than other kinds of loans. refinancing student loans

Sometimes, one loan is not enough to finance all of your educational expenses, including tuition, books and school supplies. This can force you to borrow several student loans from different lenders, which can be quite confusing and even more expensive. To prevent this, you should consider student loan consolidation. refinancing student loans

WHAT IS STUDENT LOAN CONSOLIDATION

Student Loan Consolidation is the process of combining all of your student loans into a single new loan with one repayment plan issued by one lender. The balances from all your previous student loans are paid off by the new loan. This allows you to pay only one loan instead of multiple loans. refinancing student loans

The interest rate for the consolidated student loans is computed by averaging the interest rates of your current loans. refinancing student loans

You can also consolidate your student loans with the loans of another person, such as your spouse. However, this is not advisable. This is because if you need deferment, both of you have to meet the necessary criteria. Also, you will still have to repay the loan even if you separate or divorce. refinancing student loans

Most federal loans, such as FFELP and FISL loans, can be consolidated. Some private loans can also be consolidated. Various banks and student loan lenders typically offer loan consolidation options. You can also go directly to the Department of Education to consolidate. Both students and their parents can avail of loan consolidation. refinancing student loans

ADVANTAGES OF CONSOLIDATION

Aside from simplifying your payment responsibilities, another benefit of student loan consolidation is that you are able to decide on the structure of your loan. Typically, consolidated student loans require smaller monthly payments than the original loans. If you're having trouble making your monthly payments, then this option may just be for you. You can also convert your variable interest rate to a lower fixed rate, which can save you a lot of money. You can also extend your repayment term from the standard 10 years for federal loans to reach up to 30 years. There is no maximum amount that you can consolidate, and interest you pay may be tax deductible. Consolidated student loans also have flexible repayment options, including no prepayment penalties, allowing you to pay more than your monthly payments. refinancing student loans

DISADVANTAGES OF CONSOLIDATION

Of course, there are also disadvantages to consolidating your student loans. By lowering your monthly payments, you will have to extend the repayment period, which, in the end, can result in more interest. However, since there are no prepayment penalties, you can pay more than the required payments so that you can repay the loan faster. Another disadvantage to consolidation is that once the student loans have been consolidated, you may not separate them again. You may end up losing benefits, such as loan deferment. You can also only consolidate once. Thus, it is essential that you research thoroughly for the best consolidation options before going through with the process. refinancing student loans

AM I ELIGIBLE FOR CONSOLIDATION?

There are certain criteria you have to meet before you can consolidate your student loans. For federal student loan consolidation, you can only consolidate if your current loans amount to more than $10,000. You must be within your 6-month loan grace period after graduation or you should have already started repaying your loans. In order to be eligible, you also should have no previous record of loan consolidation. If you've gone back to school after your initial consolidation, then you are still eligible for a new one. refinancing student loans

WHEN SHOULD I CONSOLIDATE?

Once you have started repayment or you are within the grace period, you can already consolidate your student loans. It is advisable to consolidate during the grace period, since this usually results in a lower interest rate. refinancing student loans

HOW TO CONSOLIDATE

If you've decided to consolidate all or some of your existing student loans, the first thing you have to do is look for a bank or lender with the best offer. Student loan consolidation plans have different interest rates, fees for late payments and repayment terms. There are websites, such as FinAid, that can provide you with a list of lenders and their offers. Some websites can also help you arrange the consolidation. You can also consult a qualified loan counselor to help you determine whether consolidating your loans will truly be beneficial for you or not. They can help you in calculating the costs of your existing loans and compare it with the cost of the single consolidated loan. They can also explain to you your other options, such as income contingent payments, extended repayment and graduated repayment. By doing this, you can make an informed decision regarding student loan consolidation, and save a good deal of money in the long run. refinancing student loans