Stafford Student Loan Consolidation

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Many students nowadays are using loans to get through their college or university. And one of the loans that is popular among students is the Stafford loan. This loan comes in 2 categories, subsidized and unsubsidized.As the name implies, subsidized Stafford loan is subsidized by the government and you are free from the interest rate until you leave your studies. This can help you to save a lot of money before you start to service your loan.However, the interest rate is not subsidized by the government in unsubsidized Stafford loan and you can choose to pay the interest during your school time or have it add to your student loan. But to help you save on the loan, it is better that you pay the interest when you are in school.And you can apply for both of them to support your college and university education. In that case, the government will subsidize part of your loans and you only pay part of the interest rate during your school life.Now, consolidating both of your Stafford loans is very much similar to normal student loan consolidation. You just need to look for the consolidator which is willing to take both of your loans and combine them into one loan. Then, you can start focusing your payment to that single loan with lower interest rate and manage your monthly payment properly. This can be quite a relief when you are just starting with your career.And speaking of consolidation, remember to check out the consolidator’s reputation before you sign up their service. This is because there are cases that some consolidators will sell your loan to make profit and you certainly don’t want that to happen. Besides that, you will also want to look into the packages offered by the consolidators. This is because not all repayment plans are make equal. You might have to pay more than you are supposed to when you choose the wrong repayment plan.By the way, you have to understand that there are consolidators which will not take your loans if your balance is lower than their entry limit. So, you should take some time and research about the agencies before meeting the representative. You don’t want to go for a meeting only to see that you are not eligible for consolidation with the company.You might have heard that the rate will be adjusted every July 1st and you might be wondering should you consolidate your student loans at that time. Now, you have to understand that there are fix and variable rate in Stafford loan. So, it is only logic that you consolidate your variable rate Stafford loan to ease your payment.

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