Acs Student Loan Consolidation- Sort Through Your Debt

Acs Student Loan Consolidation- Sort Through Your Debt

by John Doyle

One of the biggest mistakes a student or graduate can make is defaulting on their federal student loans. Doing this can haunt you well into your life as a professional, sometimes with major consequences. ACS student loan consolidation can help you sift through all of your student loan debt so that you can relax and worry a little less. refinancing student loans

If your student loans are so high that just doing the math gives you a major headache, ACS student loan consolidation can combine all your loans into only one or two loans, and use one simple account for you to make payments. refinancing student loans

Consolidating loans is something that students should think about, especially if they feel they are about to default on loans. Loans, especially those that were granted by the U.S. Department of Education, can seriously impact a student debtor's finances even after he or she graduates. refinancing student loans

The government can actually mandate employers to deduct 15% of the gross salary to repay the loan through Administrative Wage Garnishment. The U.S. Treasury Department can also use tax refunds to offset a federal debt. Of course, all these grim scenarios do not include the reality of being noted for a bad credit rating by the credit bureaus.

You can apply for ACS student loan consolidation via their website, and even use the site to pay and manage your loans. The method used to pay your loans on the site is called ExpressPay. The entire consolidation process is paperless, with all documents signed using only an electronic signature. refinancing student loans

There are three types of ACS student loan consolidation programs that student debtors may apply for. There is the STAFFORD loan, which is for undergraduate students who are obtaining the loan for themselves. The PARENT PLUS is for parents or guardians who are taking out a loan on behalf of the students. The GRADUATE PLUS loan, meanwhile, is for graduate and professional students who are obtaining the loan on their behalf.

The ACS student loan consolidation programs combine all federal student loans that are applicable into one new loan, repayable monthly on the website. A debt consolidation loan can reduce your monthly expenses by combining loans so that there is only one interest payment. These consolidation loans can reduce your monthly repayments by up to forty percent, depending on the balance of your loans. The repayment term of these loans is also flexible, and can be stretched out over as much as thirty years. refinancing student loans

The ten types of federal student loans available for consolidation are as follows: Federal Stafford Loans, Federal Direct Loans, Federal Parent Loans, Federal Grad Plus Loans, Federal Direct Grad Plus Loans, Federal Perkins Loans, Health Professions Student Loans, Federal Nursing Loans, Supplemental Loans For Students, and Federally Insured Student Loans. refinancing student loans

ACS services both the FFEL and CBSL loan programs, but because the two types are different debtors need to consolidate their total debt into two loans if they have both types of loans. FFEL loans are made up of Stafford Loans, PLUS Loans, and Consolidated Loans, while HPSL loans are comprised of Nursing Loans, Health Loans, and Federal Perkins Loans.

Of course, taking out a federal loan is not without its trade-offs. An extended payment term can actually mean you will pay more interest over the lifetime of the loan. Borrowers of a Federal Perkins Loan may even lose their eligibility to cancel debt in certain full-time occupations like public service, teaching, Peace Corps service, and military service. But this should not stop your from taking out an ACS Student Loan Consolidation.