Student Loans Consolidation

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Student loans consolidation?is when one loan is taken out to pay off many others.

student-loan-consolidation?

You basically combine all your private student loans into one manageable loan.?

By?getting student loans consolidation, you may save money in several ways. If your credit rating has improved while you have been at university, you may be able to find a better interest rate, or lower your monthly repayments by extending the repayment period.

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Read my tips below?on student loans consolidation?to see if it?s the right thing for you to do.

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Student Loans Consolidation tip #1

Figure out all the monthly repayments you are currently paying, as well as the interest rates and whether they are variable or fixed. If your interest rates are variable, I would recommend asking for a fixed interest rate when you consolidate your student loan, so the rates won?t rise if rates increase.

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Student Loans Consolidation tip #2

Make sure your credit history is good by checking Experian. A free credit report can be requested once a year, and they do a 30 day free trial for new customers. If your credit rate is good, your interest rates should be a lot smaller! Easy!

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Student Loans Consolidation tip #3

Contact local banks to see if your total private student loan debt is over the minimum they require to consolidate, and compare them against each other. If you are looking to lower your monthly repayments, see how many years could be added on when consolidating, as you could end up paying more overall if you have a poor credit rating (but you shouldn?t).

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Student Loans Consolidation tip #4

Once your consolidated student loan is approved, you can save more money on interest by paying extra each month if it is possible. The additional amount will go directly toward your principal, decreasing the amount of interest that you’ll owe, and the number of years that you will have to repay your consolidated student loan for.

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Decided that it?s the right thing for you to do?

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Get out there and and get your student loans consolidation now!

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AES Student Loans – Federal Stafford loan

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9 Responses to “Student Loans Consolidation”

  1. chrissy says:

    I believe I read that you can not consolidate federal student loans.
    Why would you want to? For convenience?
    If you consolidate with a bank, you will only pay higher interest rates.
    Convenience will never be worth that much money.
    /

  2. belinda says:

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    Here you can get the best rates available for you.

  3. redd says:

    Redd:

    If you'd asked this question two years ago, I could have given you a list of about 20-25 major lenders who offered student loan consolidation. Right now, you'd be lucky to find 5.

    Four companies that I know are offering private loan consolidation products right now are:

    Chase
    Collegiate Risk Management
    EduCare Financial
    Student Loan Financial Group

    I can warn you that all four of these lenders will subject your consolidation application to a rigorous and conservative analysis of your eventual ability to repay.

    If your loans ARE federal loans, you should start with the government's own consolidation program – you can find that here: http://www.loanconsolidation.ed.gov/

    Good luck.

  4. only 1 says:

    No. This is a last resort by the government to get their money after all other options have been exausted. You already have a long history of non payment so they won't be able to stop your wages from being garnished or your income tax returns from being seized. Student loan debt can't be grouped into any other debts you might have by the way. Sorry.

  5. Ryan says:

    These question haunt many of us and if you can get it together and get over this in the short of it let us all know!

  6. rebecca says:

    Do yourself a favor and don't ask that question here, because all you're going to attract are the scam artists that frequent this topic area.

    Let me offer a few bits of advice:

    First of all, paying $100 as a fee to be granted a forbearance may seem practically criminal, but the costs of consolidating your loans will be far more expensive than $100.

    A consolidation loan rips up all of your old loans and replaces them with a single new loan. Consolidation loans are sold with the promise that you'll lower your monthly payment – and that's almost always absolutely true.

    HOWEVER, what they don't tell you – while they're pushing the idea of a lower payment – is how they manage to offer you a lower payment. Think about this – either they're going to lower your payment by significantly lowering your interest rate (nope), they're going to lower your payment by forgetting about some of the money you owe (never), or they're going to lower your payment by simply having you make a lot more smaller payments (bingo!)

    Suppose you owed me $100, and we had agreed that you'd pay me $50 this week and $50 next week. You come back and explain that $50 is really more than you can afford right now – and you ask if there's anything we can do to lower your payment. I'd say "absolutely! – how about if you only pay me $10 a week, would that work for you?"

    You'd think this was pretty nice of me – until I told you the other part of the deal. You'd pay me $10 a week, but you'd make 15 payments of $10. So what's happened? Now you're going to pay me $150, not $100. That's how a consolidation loan works.

    The only difference is that we're not talking an extra $50. Depending on the terms of your consolidation loan – and how much you already owe, chances are that you will pay tens of thousands of dollars more in interest if you choose to consolidate your loan. That's a heck of a lot more than the $100 Sallie Mae wants to grant you a forbearance.

    Before considering a consolidation loan, talk to Sallie Mae about their alternative payment programs. There are programs that start out with a lower repayment and increase later, when, hopefully, you have more income – ask them for more information.

    Finally, you may find consolidation a very difficult thing to arrange right now. I'm sure you've been watching and listening to the news about this country's banking crisis, if not – you should be. This current crisis is really impacting the student loan business – and there is little or no private educational lending going on right now. It's not just student loans either – I would wish you a lot of luck trying to find a car loan or a mortgage right now, unless you have a substantial income and a sterling credit history.

    If Sallie Mae is willing to offer you a forbearance, and you really need it right now, swallow hard and pay the $100. That's the cheapest and most certain alternative for you right now.

    Good luck, I hope that helped.

  7. Minion26 says:

    Your lender is correct. I would think the only way you could refinance and get a lower rate would be if you borrowed a new loan from a bank or an equity loan on your house and used those funds to pay off the consolidated loan.

    Now if you borrow now you can reconsolidate all your new loans with your old loans but the interest rate will be a combination of the rate on the old loans and the rate on the new loan not what the old loans would be if they were not consolidated currently so unless you borrow a lot more it won't drop your interest that much.

  8. Myco says:

    I very recently found myself in your same position. I was able to consolidate my defaulted student loans through Direct Loans. I believe they are one of the only companies willing to consolidate without first rehabbing the loan. Check them out. They were really easy to work with although the application process took a long time about 6 weeks from app to actual consolidation.

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