Do You Have Student Loans? Learn Your Options

Do you have student loans? Learn Your Options - College loans can be a bear for veterinarians. An article in the Express-News Business section pointed out the growing number of practicing vets across the country who have large college loans. They're not alone.

According to Think Progress, a political blog sponsored by the Center for American Progress, the number of students who go into debt to get a bachelor's degree has risen from 45 percent in 1993 to 94 percent today. In 2010, student loans surpassed credit cards as the largest source of debt for Americans and now tops $1 trillion.

Not making student loan payments can damage your credit, which can prevent you from obtaining a job. Unpaid student loans can follow you for decades and money can be taken from income tax refunds and Social Security benefits. Wages can be garnished, and it is rarely discharged in bankruptcy.

Graduates and others who have student loans should learn their options since there are repayment plans available, even for those who have defaulted. It is never too late to begin repaying. As a local nonprofit agency providing financial education for over 30 years, we want consumers to know we have knowledgeable experts available to help you find a way to manage college debt within your budget.

We encourage anyone with student loans to learn financial aid terminology to ensure they understand what options they have. There are many new loan forgiveness and income-based loan repayment options available today. However, navigating through all the student loan information can be overwhelming.

Let our counselors negotiate with your lenders to help you get back on track to financial stability.
After all, you went to college to attain financial security.

Source: http://www.mysanantonio.com

How to Find Fast Loans For Students

How to Find Fast Loans For Students - How to get an 'Education loan' The cost of education is getting higher day and day. To solve this problem, banks provide 'Education Loans' to all deserving students so that further studies become a good learning experience. Getting an education loan granted can be quite easy and one can apply online also for it.
To take an education loan from a bank, a student should take the following steps:

- Step 1: Take the student loan application form from the bank and fill it correctly. 

- Step 2: Have a personal discussion with the bank authorities. 

- Step 3: Provide correct supporting documents to the bank with your signatures on them. 

- Step 4: Get a guarantor.

- Step 5: Student signature on Promissory Note. 

- Step 6: Sanctioning of the loan or disbursal of the loan to the student.

All the above six steps have to be followed by the applicant. Now let us discuss each step:

Step 1: Loan Application form from the bank

Just as for all the other kinds of loans, for an education loan also the banks provide an application form to the applicant which has to be filled correctly. The bank will ask for personal details and all information related to the course for which one is applying. Make sure the information is accurate and can be easily verified. This information will help the bank to process your application faster.

Step 2: Personal Discussion with the bank authorities.

Once the applicant has filled the form, the next step is the discussion with the bank authorities. In this stage, the applicant is asked about his/her academic and extra-curricular performance. At this stage, it is very important to be lucid and clear about one's selection of the course and its potential of generating income in the future.

Step 3: Provide correct supporting documents to the bank with your signatures on them

In case of education loans, the documents related to admissions are mandatory even before the bank considers the loan application. The bank will verify on every step of the enrollment of the student in the concerned institute in which he/she is studying. One may also require collateral
security such as papers related to any property to be mortgaged if the loan amount is above 4 lakhs (INR).

Step 4: Get a guarantor.

For an education loan, a guarantor is mandatory.To get a loan approved there should be a person who takes the responsibility for the repayment of the loan in case of any mishap. The guarantor could be the applicant's parents or guardians. The bank will run a thorough check on the guarantor's credit history before sanctioning the loan. After the completion of the process, the loan may be sanctioned or denied.

Step 5: Student signature on Promissory Note

While the parents/guardians are guarantors, the student is the actual borrower of the loan. Once the loan is
sanctioned, the student has to sign a promissory note to the bank.

Step 6: Sanction of the loan or disbursal of the loan to the student

Once the paper work formalities have been completed, the bank will surely disburse the loan into your account or deposit the fee directly into the account of the concerned college/institute.
All the above 6 steps will surely help you to understand the process of education loan. Once the loan has been approved you may contact the Admission Times for the further process.

Student Loan Defermest

Student Loan Defermest - Deferring payment on student loans is necessary when circumstances prevent a borrower from staying current on payments. There are many types of deferments available depending on the kind of student loan and the situation. For instance, deferments on private loans are completely discretionary to the lender. If a private lender wants to grant or deny a deferment they can, without consequences. Ironically, they may also charge a borrower requesting a deferment because they're unable to pay. Sallie Mae often charges $150 for a three month deferment.

For deferments of federal loans there are rules to be followed and made available to borrowers. The most common deferment on a federal student loan is the "in school" deferment. In other words, if a borrower is

in school for at least half-time, payments on the federal loans will be deferred. For Stafford loans there are also deferments available when a borrower is unemployed, in a rehabilitation training program, in a graduate fellowship, in the military service or following active duty, temporarily totally disabled or caring for a disabled spouse or dependent. Deferments are also available for economic hardship.

Economic hardship deferment applications must be in writing and can be issued in one year increments for a maximum of three years. To qualify for an economic  hardship deferment a borrower must show that they are receiving federal or state public assistance, are a Peace Corps volunteer, have an economic hardship deferment on another loan or is working full time but still at 150% of poverty. An unemployed borrower seeking a deferment must be registered with an employment agency and must show proof of eligibility for unemployment benefits. To obtain an economic hardship deferment on a Parent PLUS loan, all cosigners to the loan have to be unemployed.

In addition to deferments, borrowers can verbally request a discretionary forbearance for causes such as poor health or other personal problems. While a forbearance may be needed for a short term crisis it's important to remember that when a forbearance ends, all interest is capitalized, creating a long term significant increase in the amount of the student loan debt.

They Won't They Let Education-Loan Debtors Refinance

They Won't They Let Education-Loan Debtors Refinance  - Just about any time I turn on the radio, I hear an ad exhorting people to refinance their loans.  Interest rates are lower than they've been in decades, those ads remind us.  Even some people with less-than-stellar credit--including those whose home mortgages are "underwater" or even in foreclosure--are getting those rates.

It's not only the homeowners who've overpaid for their McMansions who can refinance.  People with credit card debt, even if it's a result of gambling, will be considered for lower interest rates, especially if they have collateral--including homes with "underwater" mortgages!  Car loans aren't exempt from consideration, either.

In fact, there's only one kind of loan for which it's all but impossible to get lower interest rates.  Since you're reading this blog, you've probably guessed what it is:  Federally-guaranteed student loans. 

The government and banks point fingers at each other when it comes to this issue.  The government blames the banks for not wanting to reduce the interest rates on such loans, which are often carried by people who don't have collateral.  The banks blame the Federal government for regulating the interest rates on those loans. 

Of course, both sides don't want to give up the handsome profits they're making.  They also realize that most student debtors are a captive market:  Unlike, for example, credit card holders who can shift their balances from, say, Capital One to Barclays, those who are struggling to pay education loans don't have the option of moving their debts and balances to another credit provider.

Plus, the loans are one of the few areas in which the Government actually makes a tidy profit.  According to the Center for American Progress, these loans are expect to give Uncle Sam over $34 billion in profits this year by financing $864 billion of the $1trillion in outstanding student loans. In the current budget environment, nobody wants to ask the government to cut off such a cash cow.

Most of those loans are saddled with interest rates of 6 percent or more.  According to the CAP, simply applying a rate of 5 percent to all student loans that currently have interest rates higher than that will save borrowers around $14 billion. 

Then maybe, just maybe, they could take advantage of those lower interest rates on home and other kinds of loans. And they might start to buy the homes, cars and other things their parents were able to buy without having gone to college and endebting themselves for the privilege.

Best Way To Minimize Student Loan Debt

Best Way To Minimize Student Loan Debt - Try to avoid overborrowing for your college education. Do not treat loan limits as targets. A good rule of thumb is that your total education debt for your entire college education should be less than your expected starting salary after you graduate. Ideally your student loan debt should be less than half your expected starting salary. Other signs of over-borrowing include borrowing more than $10,000 for each year in school or needing to borrow private student loans.

If you borrow more than your expected starting salary, you’ll have to repay your loans with an alternate repayment plan like extended repayment or income-based repayment instead of standard 10-year repayment. These repayment plans reduce the monthly payments to more affordable levels by increasing the term of the loan, but this also significantly increases the cost of the

loan. For example, switching a Federal Unsubsidized Stafford loan from a 10-year term to a 20-year term will cut the monthly payments by about a third, but it will also increase the total interest paid over the life of the loan by a factor of 2.2. That’s more than double the total interest. A longer repayment term will reduce the monthly payments, but do you really want to still be repaying your own student loans when your children enroll in college?

Find loans, banking benefits and student deals with Simple Tuition.

If you borrow more than twice your expected starting salary, you will be at high risk of defaulting on your debt. You can’t get away from this debt, as the federal government has very strong powers to compel repayment. The federal government can garnish up to 15% of your wages and intercept your income tax refunds without a court order. They can even garnish Social Security benefits. A student loan default on your credit history will make it more difficult to get credit cards, auto loans, home mortgages. It can even affect your ability to get a job or rent an apartment. Student loans are almost impossible to discharge in bankruptcy. A successful discharge requires demonstrating undue hardship in an adversary proceeding, a very harsh standard. Of roughly 72,000 borrowers in bankruptcy in 2008, only 29 had all or part of their federal student loans discharged. That’s 0.04%. You are more likely to get cancer or die in a car crash than to have your student loans discharged in bankruptcy.

Education debt can also have a big impact on your lifestyle after graduation. Students who graduate with no debt are almost twice as likely to go on to graduate and professional school as students who graduate with some debt. Student loans also affect career choices. An extra $10,000 in debt corresponds to a 5% to 6% decrease in the likelihood of a college graduate pursuing a public service career. Students who graduate with excessive debt or who default on their loans are more likely to be depressed. They often delay getting married, having children, buying a car and buying a home. Borrowing excessively can be like having a mortgage without owning a home. The debt may make it more difficult to save for retirement or your own children’s college educations. Live like a student while you are in school so you don’t have to live like a student after you graduate.

So how do you minimize your student loan debt?

Here are several tips on ways to reduce the need to borrow for college costs and cut the cost of borrowing.

Save before enrolling in college.

It is literally cheaper to save than to borrow. Every dollar saved is a dollar less you will have to borrow. If you save $200 a month at 6.8% interest for 10 years, you will accumulate about $34,433. If instead of saving this money, you were to borrow it at 6.8% interest, you will pay $396 a month for 10 years, almost twice as much. The difference is that when you save, you earn the interest, while when you borrow, you pay the interest.

Search for scholarships on free scholarship-matching sites like Fastweb.

Every dollar you win in scholarships is about a dollar less you have to borrow. You can win scholarships even after you’ve already enrolled in college, not just in high school and the earlier grades. Ask each college about its outside scholarship policy. Most colleges will reduce the need-based aid package by the amount of the private scholarships you win. But some colleges will reduce the loans first, letting you save money by substituting scholarships for debt.

HR 432, Restoring Bankruptcy Protection Rights To Student Loan Borrowers

HR 432, Restoring Bankruptcy Protection Rights To Student Loan Borrowers - Last Wednesday, HR 432, which would allow private loans to be discharged in bankruptcy, was introduced by Congressmen Danny Davis (D-Ill.) and Steve Cohen (D-Tenn.). This is the fifth time that that this type of legislation has been presented for passage.

As most of my readers are aware, I am in full favor of restoring bankruptcy protection rights to borrowers with private student loans. The same goes for federal loans, too. However, there are valid concerns about the potentially, negative consequences of a bill like this passing - this is always the case when legislation is passed. That's to say, the outcome can result in unforeseen problems. The most significant concern I have is the following: if the bill passes, Congress and higher education policymakers might pat themselves on and declare, "The problem is

solved, so there is nothing to worry about now." That is not what we want our dear Congressmen, Congresswomen, and policymakers to conclude! Far from it.

And, as I've mentioned previously, the lenders, who are culpable - just as the U.S. government is - in creating this crisis, would not be held accountable if this law were passed. Furthermore, bankruptcy is not a walk in the park. It is a difficult procedure, which would in the end hurt the borrowers (not to mention taxpayers, too).

Again, I want to be clear - bankruptcy protection rights need to be restored. In fact, they should have never been taken away in the first place. Indeed, they were taken away as a result of false claims made about scores of doctors and attorneys, with high levels of student loan debt, who purportedly rushed to bankruptcy attorneys, declared bankruptcy, and got off the hook in - if memory serves me - the late 1980s and 1990s. Based upon extensive research I have done, searching to find proof of this fact, I haven't found a shred of evidence that confirms the claim. In fact, the argument reminds me of President Reagan's problematic description of the black "welfare queen" who, so he fallaciously claimed, abused the welfare system, bought fancy cars, flashy clothing, and so forth. While there are people who do abuse the welfare system, the majority of recipients use the support to feed and clothe their families. In addition, these people, who receive a minimal amount of support from the government, are also the working poor, a class of people in the U.S. that continues to grow - unfortunately - exponentially. Furthermore, the majority of welfare recipients are not African Americans, but poor, whites who live in the South in rural areas. Mind you, whites make up the majority of Americans, but it is a important reminder of how this remark by President Reagan became part of the national conversation as an accepted truth, one of which has had negative ramifications for the welfare system and those who receive support from it. This assertion led to an aggressive dismantling of the system. Naturally, the same goes for the myth that countless doctors and attorneys recklessly declared bankruptcy after they earned their degrees.

The bill is currently under review by the House Committee on the Judiciary.

What do you think? Will it pass, and if so, will the results be positive? Why or why not?

Money Doesn't Grow on Trees

Money Does Not Grow on Trees - It has now been over one month since my student loans entered repayment.  One month of numerous letters, emails, and telephone calls.  The letters arrived first to remind me of my upcoming payments.  Then the emails began and finally telephone calls.

     In reply, I have sent mail to all of my lenders and I have called them.  As I have stated in earlier posts, my lenders are unwilling to make different repayment schedules based on my financial situation.  That is, with the exception of my federal loans.
     My federal loans account for approximately $33,000 of my student loan debt.  Therefore, they represent about 25 percent of my total debt.  $33,000 is by no means a small amount and so I applied for Income-based Repayment.  I applied about a month ago through the Department of Education’s website and Nelnet.  It was a simple process that took approximately 15

minutes to complete.  Income-based repayment, or IBR, uses tax information from the IRS to determine how much money is owed per month.  Since I had current IRS information, a lot of work was streamlined.

     The decision has now been made regarding my application.  I found out this past week that I qualify for the IBR plan.  Five loans are under the plan, which amounts to $26,800.  Since I qualify, my monthly payments have been reduced from $304.55 to $0.  Yes, zero dollars.  The reason for that is because of my total debt to income ratio.  Although I wanted to qualify, I was unsure if I would.  Now that I have, it’s a good start to my student loan debt.

     By saving the $304.55 per month, my income almost covers my private loan debt.  However, I am still in the red by about $100 per month.

     Now that I know I qualify for the Federal guidelines of the IBR plan, it reaffirms my commitment in seeing new repayment plans for private loans.  If private lenders adopted a similar plan to IBR, student loan debt would be manageable.

     I am thankful for the Federal repayment plans and am hopeful that they will one day extend to all student loans.  After all, Money Doesn't Grow on Trees.

How To Applying Online For Apprentice Loans

How To Applying Online For Apprentice Loans - After admission top school, a lot of of us accept some abashing apropos our added education. It is never an simple decision, accessory Universities. Universities are expensive, although you can yield out a loan, it will yield years to pay aback even if you become acutely acknowledged with the career choices you make.
Today, ample numbers of lenders are accessible in bazaar to action you academy loans. Due to added competition, some lenders are alms adorable apprentice accommodation bales even with assorted liberties in repayments like transaction holidays. That’s why acceptance are brash to accomplish a analysis on their own afore finalizing a deal.

You can use Internet to seek for clandestine apprentice accommodation as able-bodied as government apprentice loan.

WHY administer online for apprentice loans?
1. Online apprentice loans are affordable with actual low amount of interest.
2. They are unsecured, so your home disinterestedness or retirement accounts are never at risk.
3. They are actual simple and fast, crave no government forms and no borderline and quick approval.
4. Online apprentice loans accord you adventitious to acquire on your investments and savings.
5. Crave no paperwork.
HOW to administer online for apprentice loans?
You can administer via lender or can anon login to the website, and can administer for an online apprentice loan.
If you are a graduate, you will be asked to accommodate the afterward information:
1. Information , name and abode of the applicant.
2. Two Personal references.
3. The Balance and amount of absorption of your accepted apprentice loans.
4. Your best of online apprentice loans transaction plan.
As a cessation online apprentice accommodation are easy, beneath time consuming, charge no cardboard plan and action you apprentice accommodation with aggressive absorption rate. However it is recommended that you accomplish a absolute analysis online to accept the best deal. Do not postpone, you can save a lot of money by accepting a apprentice loan.

Where are Best Schools for Veterans?

Where are Best Schools for Veterans? - Sadly, there is no school that's exclusively for veterans only. A school for veterans just doesn't exist. I'm currently in class now as well as in my class you will find about 29 of us. three of us are veterans. Immediately I felt some kind of bond or connection with them considering that they have seasoned the army the same as I have.

Even in undergrad after i was acquiring my Bachelor's diploma, discovering someone that was a veteran was far and couple of in between. Simply since no one just went around on a loud speaker saying "I AM A VETERAN"!

Which means you never know who's a veteran going for walks around campus till you discuss with them they usually say items which can be distinct in your navy department.

As an illustration, I had been in the U.S. Navy, therefore if I commence a discussion with an individual plus they say terms like "shipmate" and "head", I know that they are clean out of the Navy. In fact that would be awesome if there was a school for veterans! It will be just like currently being while in the navy together with the whole camaraderie and all.

Although not getting a school for veterans is considerably an excellent point. I am going into a community university and i obtain the likelihood to fulfill so many folks!

Similar to while in the armed forces.

Despite the fact that a school for veterans does not exist, a veteran can head to any university that may settle for the GI Invoice.

And have faith in me, which is nearly every single university simply because meaning they're obtaining your tuition Assured through the armed forces.

No person, and that i indicate No one is going to move up guaranteed money, not even educational institutions! Opposite to popular belief, faculties are in enterprise to make cash.

Since I think over it, if somebody commenced a school for veterans, they might make money each and every semester.......assured! Any person need to think of doing that......

But don't allow not have a university particularly for veterans deter you from heading to highschool. I am going and that i get E-5 BAH each and every month which i go! And that's on top of them paying out my tuition and giving me a e-book stipend.

Now they will not spend you on holidays, or throughout breaks, like spring break or fall breaks. Mostly any split among courses you will not receives a commission.

Which sucks since I had been receiving accustomed to obtaining E-5 BAH just for likely to school right up until I spotted I had been heading to have significantly less than 50 percent of that in the months of December and January.

Less than 50 % I explain to ya!

I have a family to feed and my partner and that i each go to school entire time and acquire GI rewards. So most of us endure financially throughout these breaks.........which compelled me to discover a dietary supplement similar to this website.

Do not depend entirely on the government. If you're one you can make it. But when you do have a household, search for locating a dietary supplement to your income for the duration of those breaks like I have with different streams of cash flow similar to this site.

It is possible to supplement your earnings using a website way too, if you would like, to be able to get required revenue flowing into your own home.

So let's wrap this up........ A school for veterans does not exist, but definitely go to faculty to obtain that diploma and have that money!

Acquiring paid out to visit faculty! You cannot defeat that by using a stick!

And whilst you are at it, health supplement that income in the course of those dry months by obtaining an extra stream of income........like blogging!

That is what I did!
By Shun Smith

Start Save Money to Pay Down Student Loan Debt Tax Act 2013

Start Save Money to Pay Down Student Loan Debt Tax Act 2013  - How would you like to pay off your student loan debt?
As a mother of seven children who are young adults and college educated, I know what it is like to struggle to pay for school and manage student loan debt.
Be free of student loan debt
I believe that every person can be free from the worry of student loan debt and pay them off by following steps to save money.
The key is to free up funds to put toward retiring those debts. It’s also important to write a check (or make a payment online) toward the loan at the time you save the money.

Otherwise, your hard work at cutting back will only get reabsorbed into the family spending.

Here are some key areas where you can begin to reach that goal.

Save in Your Community

Begin the savings adventure close to home by supporting your local schools and businesses.

    School Discount Cards – Help your favorite student by purchasing their schools discount card, almost every school offers these as part of their fundraisers.Each card costs around $10 and is good at dozens of local businesses for savings on things like oil changes, dry cleaning, haircuts, pizza and more, depending on the card. We saved loads at a local coffee shop’s “buy one/get one free” offer. My friends kept wondering why I chose the same location each time we met for java but I saved $350 over the course of a year!

    Entertainment.com offers a coupon book and costs between $25 and $45. Preview the coupon booklet for your area first. You’ll save on movie theaters, theme parks, sporting events, and at local shops. The average advertised total book savings is $17,000. If you redeem 25% there would be an annual savings of $4250. Even a mere10% redemption is a savings of $1700 per year to put toward student loan debt

Get Ready for the Student Loan Bubble to Rock Obama's Fragile Economy

Get Ready for the Student Loan Bubble to Rock Obama's Fragile Economy - Student loan debt is nothing more than slavery. The promise of a good education and easy money has many students going tens of thousands of dollars in debt without ever having a significant income all thanks to the federal government's program to make education obtainable to all. The only thing that is truly obtainable in programs like these is trouble down the road of many who buy into the promises of this government program.

This year, student loan debt may mean more trouble for the troubled US economy.

Fair Issac reports:

Research by FICO Labs into the growing student lending crisis in the U.S. has found that, as a group, individuals taking out student loans today pose a significantly greater risk of default than those who took out student loans just a few years ago. The situation is compounded by significant growth in the amount of debt that new graduates are carrying.

The delinquency rate today on student loans that were originated from 2005-2007 is 12.4 percent. The comparable figure for student loans that were originated from 2010-2012 is 15.1 percent, representing an increase in the delinquency rate by nearly 22 percent

See the crisis brewing as another easy money lending plan delivered to you by the federal government in the name of fairness threatens the entire economy just like the housing bubble eight years ago.

You know who owns all the student loan debt now, so it will be the American tax payer, many who don't have a dime of student loan debt, who will be left to bail out these bad loans.

It was just a year or so ago that American students, graduates, and college drop outs hit a significant milestone. There is now over $1 trillion in unpaid student loan debt enslaving people from around the United States. If we are nearing a 20% delinquency rate in student loan repayment, that means we are rising above $200 billion in bad student loans which taxpayers will soon be asked to pay back in the forms of more bank bailouts just like the housing bailouts.

America's borrowing culture is kicking America from every angle.

Is Student Loan Consolidation The Right Option?

Is Student Loan Consolidation The Right Option? - As we know that educations is never decreased instead it's increasing from time to time, therefore the students force to deal with debt. Thus, applying for a student loan consolidation become an imperative to manage the debts.

If you are a new student, surely you are enjoying an independence and study, however things are often not as good as you expected, responsibilities attached to this condition. You worry about the things that you should think about before, such as payments. There are still other payments such as peripheral to think about like room, books and supplies, transportation, food, and tuition fees.


It will not be surprising if students encounter difficulties, particularly in the financial sector. As most of the time and effort students mostly centers on their studies, not to mention the fact of limited revenue streams, bills will be more difficult to pay. What can a student do when this unavoidable fact finds them and will be around for an indefinite period?

Student loan has become a popular option today. Apart from conventional loans, there are also direct loans from the government.

These direct loans works like the 'study now, pay later "program that will allow the student to borrow a certain amount it does not have to pay until graduation and getting a good job . They are called as such because they do not require a monetary deposit or guarantee.

Now, if it already has a lot of outstanding loans? That would really put a lot of difficulties in the future.

Imagine the interest in summarizing the unmanageable proportions! This is a good thing, a student could consolidate all his loans in existence to one single payment each month to a single lender.

There are many benefits associated with the consolidation loan student. Not only did he get a warrant more lenient to pay his debts, but it may pay an amount much less than what he originally bargained for.

Because it also has a grace period of six months before you actually start to repay its loans, the loan appears too possible for the student. With a smaller monthly payment, it can also manage other costs that will be taking care of the future, such as food, utensils, car expenses, mortgages, and education related fees for their children among other things.

Potentially, interest rates could be minimized, as there would be a pillar that would be used to determine the applicable interest and above.

How To Consolidate Cheap Student Loans?

How To Consolidate Cheap Student Loans? - Today, the cost of higher education is becoming increasingly expensive. Some families may not be able to afford to send their son or daughter for further education. Therefore get a student loan help. There are two main types of student loans available. Government student loans and private student loans. Student loans or federal government funded and administered by the U.S. Department of Education. It is classified under the student aid federal loans. They have very few requirements other than you are a student in an American college or university. International students may also apply if the approval is on a case by case basis.


Each year, the program through student loans pay nearly $ 60 billion making it a good choice for a government student loan. Thus, interest rates are very low. Private student loans are funded and administered by banks and other financial institutions. These lenders offer student loans at an interest rate higher compared to federal student loans. Some common student loans available are from Citibank and Sallie Mae

You are allowed to ask for private student loans and federal education needs your although I would not recommend it. For some students who have a few student loans to repay at the same time, it can be a financial burden on their family finances. This is where student loan consolidation comes in.

Student Loan Consolidation essentially consolidates all your student loans into one loan so that it is easier to manage and make payments. When you find a student loan consolidation whether from the government or the private market, your existing student loans are paid for and cleared by the lender to consolidate student loans. Balances are transferred to the new student loan consolidation. So you start a new loan and only needs to make a single payment each month.

There are several advantages to using student loan consolidation. Interest rates will be lower because it takes the average interest rates of your previous student loans. Thus, due to government legislation, the maximum interest rate can not exceed 8.25 percent.

It becomes much easier to manage a single student loan and payment are easier. Repayment options are quite flexible. To consolidate federal student loans, you can opt to start repaying after you have graduated from school. There are also several other options.

Another beneficial side-effect of student loan consolidation is that it can also improve your credit score. Since you are effectively clearing all your old student loans and taking a new one, your credit score will increase and it is important if plan to take other types of loans in the future ....

How Convenient of The Government Student Loan Consolidation??

Consolidation student loans is a program that allows students to consolidate loans outstanding education in a new single loan. This is not limited to a single lender. Even if lenders hold these loans, you can always opt for the consolidated loan. Consolidating student loans is beneficial because it will reduce your monthly payments since the payment will be extended.

Consolidating student loans is convenient for students and parents because it simplifies the loan. The monthly amortization will also be lower due to the repayment can be spread over a longer period. The interest rate will also be reduced since the borrower will have many options benefit plan. The best time to consolidate loans is right after graduation before the grace period ends. This will allow the borrower to secure the lowest possible rates on the loans.


Government consolidation loans have lower monthly payments and have flexible terms and conditions of repayment. Rates may be as low as 3.5% and are calculated at a fixed rate. This will also benefit you if you want to get rid of the release of many controls. With student loans, the government consolidated, you will get a refund and unique easy since you only have to sign one check each month. Students over $ 10,000 in outstanding student loans are eligible for this program.

The borrower must also not be in school half-time or more. There are many types of loans that can be consolidated with this program. They are Stafford loans, Federal Consolidation Loans, Perkins Loans, Parent Loans Plus, HEAL / HPSL Student Loans, Federal Direct Consolidation Loans and many more.

Private student loans can also be consolidated. However, you should not consolidate federal and private student loans. This is because you are not able to defer payments on the loan consolidation private, but you can with the consolidation of federal loans if you want to return to school.

With the consolidation of private loans, you can not stop payment if you have economic difficulties. Private loans are not eligible to claim tax deductions. In addition, if the borrower has died, federal loans are forgiven as private loans, loans have gone to the nearest relative.

It is important to consolidate student loans from the federal government because it reduces the number of credit loans that you may have. This will also create a good credit score will allow you to better conditions for the consolidation of private loans.

Credit check is not required also the consolidation of government student loans from the government of the United States guarantees federal student loans. Application consolidation of student loans is very easy. Advisors ready on your school will be able to advise you on the procedures. You may apply online, by mail or by phone. It will only take 1-3 months to build.

If, however, you will not be eligible, you may consider refinancing your home or investment property to repay your loans. You may also consider a personal line of credit from the bank or consider consolidating private loans. Reimbursement has different terms.

For borrowers with loan balances of $ 10,000 to 19,999 dollars, have a repayment period of 15 years. Twenty years is allocated for those with loan balances $ 20,000 to $ 39,999. There is 24 repayment for one year for those loan balances $ 40,000 to $ 59,999. If your loan balance is $ 60,000 or more, the 30-year program will cover.

Barrack Obama urges Congress to act on student loans

Rep. Bill Cassidy of Louisiana calls for repeal of health-care law

NEW YORK (MarketWatch) — President Barack Obama is urging Congress to reach agreement on a bill to fund transportation projects and move to stop student-loan rates from doubling.

“We are seven days away from thousands of American workers having to walk off the job because Congress hasn’t passed a transportation bill. We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn’t acted to stop it,” Obama said in his weekly radio and internet address. See full video and/or transcript.

“Let’s make it easier for students to stay in college. Let’s keep construction workers rebuilding our roads and bridges,” Obama said.

Democratic and Republican lawmakers are still at odds over how to pay for a $6 billion plan that would keep student loans from spiking from the current 3.4% rate on subsidized loans on July 1.

Senate aides from both sides on Friday said congressional negotiators appeared to be near a compromise that would extend the 3.4% rate for another year, the Associated Press reported.

The Federal Reserve Bank of New York in May said student loan debt increased this year to $904 billion, even as other types of consumer debt declined. See Fed release on quarterly report showing student-debt growth.

In the Republican reply to Obama’s weekly address, Louisiana Rep. Bill Cassidy said if the U.S. Supreme Court does not repeal the whole health-care law, then Congress should.

“Unless the court throws out the entire law, we should repeal what is left and implement common-sense, step-by-step reforms,” Cassidy said. Read transcript/watch video on this site.

The high court is expected to rule on the law, the Affordable Health Care Act, by the end of the month, which would mean to the week ahead.

The court’s options include upholding it or repealing all or portions of the legislation, including its mandate that most individuals carry health insurance.

Most of the estimated 50 million currently without insurance would be able to get it through taxpayer-subsidized coverage. Some people, such as illegal immigrants, would be exempt from the mandate.

Source : dumboanddonkey.blogspot.com/2012/06/obama-urges-congress-to-act-on-student

Student Loan Consolidation

Student loan consolidation combines all of your student loan debts into one, lower-interest loan. When you consolidate student loans, you can lock in low, fixed interest rates, reduce monthly payments, and/or lengthen the amount of time you have to repay the loan. You can consolidate student loans using federal or private consolidation loans. You can apply for both right here on our site.

The benefits of consolidating your student loans are substantial. Almost anyone with student loans can benefit from a consolidation loan. With most student loans, your interest rates can rise considerably unless you lock in a fixed rate with a consolidation loan. Here are some of the reasons you might want to consolidate student loans:

* No credit check required for federal consolidation
* Apply online
* Combine all student loans into one easy monthly payment
* Lower your monthly payments by up to 50%
* Get up to 20 years more to repay your student loans
* Get a low, fixed interest rate that lasts for the life of the loan
* No cosigner necessary for federal consolidation
* No origination or application fees
* No prepayment penalty

Interest rates and payments

Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.

Top consolidation lenders ranked by total FY 2006 consolidation loan originations

Lender name	# of loans	Amt of loans ($)
Federal Direct Student Loan Program	1,169,110	$19,197,268,873
Sallie Mae	866,295	$19,841,423,841
Citibank	232,126	$4,843,119,089
Nelnet	198,624	$4,796,065,812
NextStudent	89,284	$3,320,024,025
JP Morgan Chase	115,777	$2,668,451,098
Goal Financial, LLC	111,426	$2,494,856,673
College Loan Corporation	75,360	$2,245,128,826
AES/PHEAA	166,730	$2,037,618,548
Student Loan Xpress	114,790	$1,880,997,383
Wachovia Education Finance	80,174	$1,674,979,763

Student Loan Consolidation – Thinking About Your Financial Future Today

Student loans influence your future financial decisions and your credit. When student loan debt has exceeded eight percent of your income, it can be seen as bad credit when assessed for further loans such as home loans. This may not seem very important right now, but student loan consolidation can have a positive impact on your financial future.

Two Approaches In Reducing Your Student Loan Debt

1. You could eliminate or reduce the primary balance.

2. You could reduce the monthly total payment. Given that debts are measured by comparing your income to the loan payment, if your payment is reduced, it can help you in improving your credit.

With student loan consolidation, you can merge all of your loans into a single loan with one payment per month.

When interest rates of loans fall, your education loans could be consolidated or refinanced.

There are many kinds of student loan consolidation plans offered today. When students do not consolidate their student loan debt, this will result in the inability to acquire future mortgages, car loans, credit cards, and other kinds of credit in many cases.

5 Benefits Of Consolidating Your Student Loans

1. Easy to maintain, single payments per month.

2. Enables you to have manageable repayments of your student loan after you have graduated, especially if you had huge student loans.

3. Student loan consolidation is also beneficial to those students who have graduated; but find that they're still having difficulties managing the payments of all of the student loans they acquired to cover their college fees.

4. A more organized and cost effective plan, with lower interest rates will help you save some money.

5. A long term plan to paying your loan, giving you a longer time frame to pay for your loan. A longer payment plan also means a lower monthly payment, which gives you more flexibility

It is very simple to apply for a student loan consolidation. While your application for student loan consolidation is being processed, it’s important that you continue to pay for the existing student loans.

The lending institution would pay all the existing loans if you qualify. You would then make the payments for your consolidated student loans.

If you are looking for an efficient and cost effective way of managing your student loans, then student loan consolidation may be the right option.

By getting a student consolidated loan today, you gain more financial freedom and you can save money through lower interest rates and at the same time improve your financial future.


Dean Shainin is a consultant specializing in student loan consolidation. Get valuable resources, tools, information and more articles on student loan consolidation, visit this site: http://www.studentloanconsolidationtips.com


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