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Consolidate Student Loans

Student loan borrowers cannot consolidate student loans , both federal and private, into one private consolidation loan. Borrowers still have a choice among multiple private student loan consolidation options. The principal advantage reaped from private loan consolidation is receiving a single monthly payment. The monthly payment might also be lower since consolidation resets the loan period. As with federal consolidation, private consolidation loans that have a longer repayment period will result in higher total interest paid throughout the loan's term. Borrowers should find out whether the private consolidation loan's interest rate is variable or fixed, whether there are prepayment penalties, and whether any fees are charged. Interest rates on private student loans are credit-based. Therefore, borrowers may be able to obtain a more attractive interest rate on their consolidated private loan if their credit rating has increased significantly si...

Student Loans: How Much Should You Borrow?

Aside from various scholarships and grants, student loans are also a big part of financing your college education. However, you have to be careful when taking on loans because you could just as easily accumulate a mountain of unwanted debt while earning your degree. For this particular reason, it’s important for you to know, or at least have somewhat of an idea of how much you will need to borrow prior to taking out any college loans. In addition, it would also be in your best interest to assess how long it will take you to pay off any debts resulting from those loans, estimate the amount of your monthly payments and determine whether the job you begin upon graduation will supply you with sufficient income to repay your student loans. How Much Can You Afford? The first year of college alone can add up to over $15,000 in debt. In order to determine how much you should borrow in student loans, you have to first figure out how much you can actually afford. The truth is you might not ...

Student Loan Consolidation: A Treasure Chest For College Grads

With an average student loan debt of $23,485 weighing on their shoulders and savings at all-time lows, college aid borrowers often view their post-graduate existence as an uphill battle. At the critical juncture of student loan repayment, financially-drained grads with tight incomes feel the financial pinch as they juggle job-hunting, business-launching, home-purchasing, and family-building. While a magical genie to make their school loan disappear is wishful thinking, a powerful debt-management tool known as student loan consolidation is a viable option at debtors' disposal. Surprisingly, a recent survey conducted by the Collegiate Funding Services found that 41% of college graduates had not heard of the federal student loan consolidation program, and that only 35% among them had taken advantage of this form of student loan refinance. University graduates who tapped into financial aid stand much to gain from college loan consolidation, which combines existing loans into a new sing...

Guide To Finding The Perfect College For You

To the average American, receiving that acceptance letter in the mail from the college of his or her dreams represents a significant and memorable watershed. Incontestably, one of the most stressful tasks- selecting from a maze of more than 9,000 post-secondary institutions in the United States- is at that point, behind them. Finding the optimal collegiate match for one's intellectual and interpersonal expectations, as well as one's learning style involves a generous amount of time, research and introspection. The pay-off is well-worth the investment, however, for the end result is a well-adjusted college student who fits perfectly in his or her social and academic milieu, performs at peak level, and is able to capitalize on his or her university education. In short, choosing the right school enables students to achieve their potential. The college elimination and selection process involves an evaluation of numerous factors. What follows is a discussion of the critical criteria...

Federal Student Loan Consolidation

Federal Student Loan Consolidation Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits. Reduce your monthly student loan payment up to 53% Simplify your finances - make one payment per month Improve your credit rating Save money today , when you need it most Learn how consolidation works in this step-by-step tutorial! Why consolidate with us? Get one-on-one personalized customer service. Our loan counselors will educate you on the benefits of federal student loan consolidation and help you determine if consolidating is the right choice. We will explain the consolidation process and the repayment options that are available to you. Frequently asked questions about student loan consolidation. Benefits of federal student loan consolidation O...

One Choice for your student loan consolidation

EDFED, America's Top Student Loan Consolidator is the channel through which you can bring all your loans under one single policy and reduce the monthly payments by increasing the duration of the loan. Consolidation has loads of benefits, some being: Lower rate of interest Locking in loans at a lower interest rate Lower monthly payments Worrying about just one loan instead of many Longer repayment schedule Bear in mind that we are talking specifically about student loans. There is consolidation available from other type of loans too, but at EdFed we deal with only your student loans. The logic behind consolidation is simple. consolidation merges all your loans and bills into one single payment. It reduces your (the borrower's) monthly bill of loan repayment. In simpler terms, think of it this way: If you have to pay $100 in 5 years, you pay $20 every year (ignoring any interest component), and if you have to pay the same $100 in 10 years, you pay $10 ev...