Index
>>
Financial Aid
STUDENT
LOANS: Student Loan Consolidation
SPOTLIGHT
Student Loan Consolidation Site:
Student Loan Consolidation.com
: A free directory of top Federal and private
student consolidation loan companies.
BENEFITS
OF STUDENT LOAN CONSOLIDATION:
You can save money and lower your monthly payments
if you consolidate your student loans with a
consolidation lending company. Consolidating
student loans is a student loan repayment option
which has become common and often necessary;
thanks to todays lower federal consolidation
student loan interest rates. Federal Consolidation
Loans offer a fixed rate for the entire repayment
period.
Student Loan Consolidation offers you:
Lower monthly payments: Federal Student Consolidation
loans will give you the ability to lower your
monthly payment by 60%.
Post-school grace period: Interest rates on
Stafford Loans are about .5% lower for borrowers
who are currently within their 6 month grace
period. By consolidating your federal student
loans during your grace period you can lock
in to a lower fixed interest rate for the life
of the loan.
Fixed Interest Rates: The interest rate on a
Federal Student Consolidation loan is fixed
for the entire life of the new loan. Consolidation
of student loans is based on the average interest
rates of the loans you are consolidating. The
average federal student loan consolidation rate
is 6%.
Saves time: Federal Student Consolidation loan
will simplify your finances with a single monthly
payment to one lender.
Extended Repayment: Some Federal Student Consolidation
loans will allow you to extend your repayments
up to thirty (30) years.
No penalties for pre-paying: You have the flexibility
and option to pay off your Federal Student Consolidation
loan in full or over time without penalties
or fees.
What loans are eligible for student consolidation?
•
Federal Direct Consolidation loans.
• Federal Nursing Student Loans.
• Federal Perkins Loans.
• Federal PLUS and Federal Direct
PLUS parental loans.
• Federal Stafford Loans and Federal
Direct Stafford student loans, both unsubsidized
and subsidized.
• Federal Supplemental Loans, For
Students and Parents
• Health Professions Student Loans
(HPSL). |
Chose a repayment plan that works for your student
loan consolidation:
•
A level repayment plan; where you have a
fixed monthly payment for the duration of
your plan. This type averages a minimum
of $50 per month.
• A plan which is graduated; where
your monthly payments are initially low
but do increase over time. This plan is
recommended if you expect to increase your
income over the duration of your repayment
period
• Income sensitive student loan repayment
plan; Payments will be adjusted in accordance
to the fluctuation of your total household
income. If you currently are having problems
paying your loans this might be the right
plan for you.
• Extended repayment plan. In order
to qualify for this plan you must have more
then $30,000 educational loan debt. You
can take up to 30 years to pay off your
consolidation loan. |
You may choose the right plan for your individual
needs when applying for a federal or private
student consolidation loan.
Top Student Loan Consolidation Lenders and resources:
|
