In short, once you apply for a student loan consolidation or private education loan. We’ll do practically all the work for you!Bigger is not necessarily better.Did you know that the UK Government mandates all the rates and policies when it comes to student loan consolidation? Or that lenders offer similar types of private loans with interest rates, terms, and other options that can make your head spin? In essence, we're all out there promoting the same product.We serve as your advocate working on your behalf through the student loan borrowing and consolidation maze. You're probably already familiar with how bureaucratic some lenders and government agencies may be. As your Student Loan Consultant, we'll take on the responsibility where needed to cut through the red tape and get things done quickly and competently.We take advantage of every possible way to give you a student loan and education loan consolidation package that offers you some of the lowest interest rates available, along with an optimal repayment plan tailored for your particular situation. If there's a combination of rates, borrower benefits and repayment plan that will best benefit you, we'll find it!We know student loans and loan consolidations. Unfortunately, there is a lot of "misinformation" out there about student loans among our competitors as well as lenders and even school financial aid offices. That's why we go beyond customer service by providing knowledgeable customer service.We're also specialists in student loans and consolidation services for those in professions requiring substantial post-graduate studies and incurring high student loan balances. Our expertise in this particular niche of student loan services has helped many in business, law and health care to (a) obtain student loans to finance their education and (b) restructure their student loans to obtain lower interest rates, better repayment terms and improved cash flow.Get money for college, graduates and postgraduates both may get annually up to the full cost of expenses (less financial aid received) or $40,000 (whichever is the lesser), with a Private Loan for graduate and postgraduate students. Apply for a Private Loan at the beginning of the college year, in the middle of the term or near the end. It’s up to you. There are no application deadlines and you can apply online and get preliminarily approved.If you've borrowed a number of student loans throughout your education, you've probably got multiple interest rates and loan amounts, multiple payment coupons and multiple companies servicing your loan, all of which can make paying back your student loans a paperwork nightmare.Consolidation of your student loans means just that - taking all of your individual student loan accounts and combining them into one loan, one interest rate, and one monthly payment. It's just that 'simple.
There are many advantages to a student loan consolidation or refinance. College graduates typically receive funds from multiple lenders, which can mean more than one monthly statement. In addition, some graduates have loans with variable rates, which can increase or decrease according to the current market rate. A college loan consolidation is the perfect way to simplify your finances. With this option, you receive one monthly statement and deal with one lender. However, to benefit the most from a consolidation or refinance, make sure you know how they work.
What is a Student Loan Consolidation or Refinance?
The ultimate goal of a college loan consolidation or refinance is to reduce your monthly debt payments. On average, graduates are only given a grace period of six months. It can be difficult to find a good paying job within six months. What's more, it can be hard to afford a high student loan payment. With a consolidation or refinance, graduates can combine all their student loans into one new loan and receive a lower rate. The monthly payment on the combined principal is normally less.
Why Consolidate or Refinance a College Loan?
Graduates consolidate or refinance their student loans for three major reasons. One, they want to lock in a low interest rate. Since a majority of student loans have a variable rate, monthly payments can rise or fall with every rate adjustment. On the other hand, fixed-rate student loans are predictable and the payments remain the same. The second reason is to simplify finances. It is easier to manage one student loan payment as opposed to two or three. Lastly, consolidations and refinances offer several repayment options, which help keep payment lows. Choose a standard payoff time of 10 years, or extend the loan to 30 years.
What to Know Before a Consolidation or Refinance
Although a college loan consolidation offers lower payments and extended loan terms, these options increase the overall costs because you'll pay additional interest. Making a few extra payments throughout the year, or paying a little more on the principal each month will help reduce the total interest cost.
Another drawback with a student loan consolidation or refinance is that you might lose your grace period. Federal Direct Consolidations uphold a grace period. Other consolidated loan programs such as Stafford do not offer a grace period. If you need a grace period, do some research before applying for a consolidation or refinance.
Save up to $100's monthly by using one of our Recommended School Loan Consolidators Online. We maintain recommendations for both private and federally funded consolidators
Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they're scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.
2. The newest twist in the consolidation puzzle is the "in school consolidation", affecting students who are currently enrolled and will be enrolled past the July 1 consolidation. You can consolidate your existing college loans now to secure the low rates for at least part of their student loan portfolio.
3. Consolidating could save thousands of dollars in interest payments on college loans. There are impending student loan rate changes and new interpretation of regulations by the Department of Education, also, Congress is considering ending the fixed-rate program. Experts are urging students to consolidate to relieve themselves of a higher debt load.
4. Many students and families are looking for a simple, clear answer about whether to consolidate college loans or not. The simple answer is to take some of the bite out of the debt by loan consolidation. You could live like a miser and save as much money as possible or consolidate your federal student loans now.
5. For students still in school, you have an opportunity to choose consolidation. Consolidating would put a college loan borrower into repayment status, but the student can defer payments until after graduation by making a deferment request. Consolidating today can have payments put off until graduation.
6. The federal loan program allows consolidation, which is when a borrower pools his student debts together so that only one monthly payment is necessary, rather than several. It's not just the convenience of one payment that is making consolidation so compelling. The most significant aspect of the program is that it allows a person to permanently lock in a lower interest rate on loans. These loans are backed by, or granted directly by, the federal government.
7. Rates for federal Stafford loans, the most prevalent type of student loan, as well as some other types of federal student loans are set annually based on the rate of 91-day U.S. Treasury bills at the end of May. The exact rate won't be known until the end of the month, but experts say it will be about 2 percentage points higher. (Private loans and federal loans cannot be consolidated together.)
8. For the first time, the U.S. Department of Education will allow students still in school to consolidate federally backed loans. Federal PLUS loans can also be consolidated. PLUS loans are used to help pay the cost higher education.
9. Students, regardless of enrollment, should absolutely consolidate their college loans, arranged through the student's lender. There are no fees, no credit checks, and interest rates are expected to move higher. Those are good reasons to consolidate.
10. Act quickly to put lock on current federal-aid interest rates. Graduates should act now to insulate themselves from a drastic rate change. Apply early. Do not wait until the last minute to file paperwork. Those who have already graduated or left school should not wait to investigate consolidation. In the first six months after graduation, you are in a grace period. Within that six-month window, you can lock in a low rate on Stafford loans and spread the repayment over as long as 30 years.
If you're going to consolidate, now is the best time to do it.
Georgio Heberto is dedicated to offering news, articles, and instruction on financing college education. You have a definite choice in how you finance your education and beyond.
In short, once you apply for a student loan consolidation or private education loan. We’ll do practically all the work for you!
Bigger is not necessarily better.
Did you know that the UK Government mandates all the rates and policies when it comes to student loan consolidation? Or that lenders offer similar types of private loans with interest rates, terms, and other options that can make your head spin? In essence, we're all out there promoting the same product.
We serve as your advocate working on your behalf through the student loan borrowing and consolidation maze. You're probably already familiar with how bureaucratic some lenders and government agencies may be. As your Student Loan Consultant, we'll take on the responsibility where needed to cut through the red tape and get things done quickly and competently.
We take advantage of every possible way to give you a student loan and education loan consolidation package that offers you some of the lowest interest rates available, along with an optimal repayment plan tailored for your particular situation. If there's a combination of rates, borrower benefits and repayment plan that will best benefit you, we'll find it!
We know student loans and loan consolidations. Unfortunately, there is a lot of "misinformation" out there about student loans among our competitors as well as lenders and even school financial aid offices. That's why we go beyond customer service by providing knowledgeable customer service.
We're also specialists in student loans and consolidation services for those in professions requiring substantial post-graduate studies and incurring high student loan balances. Our expertise in this particular niche of student loan services has helped many in business, law and health care to (a) obtain student loans to finance their education and (b) restructure their student loans to obtain lower interest rates, better repayment terms and improved cash flow.
Get money for college, graduates and postgraduates both may get annually up to the full cost of expenses (less financial aid received) or $40,000 (whichever is the lesser), with a Private Loan for graduate and postgraduate students. Apply for a Private Loan at the beginning of the college year, in the middle of the term or near the end. It’s up to you. There are no application deadlines and you can apply online and get preliminarily approved.
If you've borrowed a number of student loans throughout your education, you've probably got multiple interest rates and loan amounts, multiple payment coupons and multiple companies servicing your loan, all of which can make paying back your student loans a paperwork nightmare.
Consolidation of your student loans means just that - taking all of your individual student loan accounts and combining them into one loan, one interest rate, and one monthly payment. It's just that 'simple.
