How To Pay Off Your Student Loans

While student loans have helped many poor students by enabling them to pursue further studies by providing financial assistance, it can also be an emotionally and mentally exhausting journey.Repaying a large student loan or multiple student loans can be a long burden which extends many years, well into your working years. Many students which have graduated find themselves having to set aside a large portion of their salary just to repay the student loans.So what solution is available to help? A student loan consolidation plan may be able to help you particularly if you are repaying several student loans concurrently.A student loan consolidation plan consolidate your student loans into one loan thus you only need to make one payment each month. This will help to better manage your finances as now you only repay one loan.There are several types of student loan consolidation plans available depending on who you lend it from. Examples are federal student loan consolidation, sallie mae student loan consolidation etc. Check with your school or lender for more information.There are several ways in which you can repay a student loan consolidation. The most common is a standard repayment plan. You repay a fixed amount every month until you fully repay the loan.A graduated payment plan allows you to repay the student loan after you have graduated. It is suited for students who have no income during studies and only able to repay when they graduated and have a job.A variable payment plan allows you to adjust how much you repay each month depending on your income level. It allows a greater flexibility and is more suited for people whose income varies each month. An example would be salesmen who earn via commission.Another advantage of student loan consolidation is that it also helps to improve credit rating. Since you are effectively getting a new loan and your existing loans have already been cleared, it will help to improve your credit rating and easier to get financial assistance should you need one in future.I would advise getting a federal student loan consolidation as the interest rates are one of the lowest available and the government loan is open to anyone studying in an american education institution.

Finding College Education Funds to Help You Fulfill Your Dream

The cost of going to college can be a daunting prospect for many high school students. When there is a choice between earning a wage straight away or paying thousands of dollars to go to college it is understandable why many choose the former. Even though it is well known the paying for a college education is one investment that always gives huge rewards, that doesn’t make it any easier for students to find the funds.Luckily, there are many ways of getting financial aid to add to your college education funds. The most common way of raising the money required is to get a college loan. There are many different loans available and most allow you to pay off the loan over a long period of time which considerably reduces the financial strain on the students.The other way is to get a college grants to raise funds. Usually grants don’t ever have to be paid back which makes them a lot more attractive than loans. Depending on your financial status and choice of subject a grant may be available for you. You can find out more by searching on the internet.It’s important to look at the college education funds available before making a decision not to go into higher education. With the extra funds the cost of college is often a lot less than advertised which can make a big difference to your final decision. Going to college could be the smartest investment you’ll ever make, so taking your time is essential

Effective Debt Repayment With Direct Student Loan Consolidation

College students normally take in student loans to pay for their university or college education. However, eventually, these students encounter serious repayment problems as they are also faced with your financial problems in life.Good thing that there is an effective solution in the repayment of these student loans and this is via direct student loan consolidation. Such program or scheme serves in alleviating problems that concern repayment of school loans, and eventually it will help the individual to focus on other financial responsibilities.When you are finally about to get a direct student loan program for yourself, a new loan is obtained which have lower fixed interest rate. This becomes your new loan that will replace your old loans. Basically what you pay your new lender is used to pay for your previous loans. Instead of dealing with several lending companies, you now enjoy the convenience of paying to just one lender.Direct school loans consolidation actually provides effective solution to your financial worries by being offered a new start with the elimination of your old school debts and the creation of a single yet very manageable loan. With such consolidation program, you are given a single date every month on which you need to pay your new single loan. Certainly this is such a lighter debt repayment responsibility.With college loan debt consolidation in place and previous debts finally paid and settled, these can only mean the eventual improvement in your credit rating as you now are able to promptly and regularly pay your financial debts.

Taking Advantage of the Best Student Loan Consolidation Rates

When it comes to college loan consolidation, rates of interest definitely have an important role. That is why it is only advisable for would be borrowers to get the most competitive rates as possible in order to take full advantage of the consolidation program.Indeed, student loan consolidation interest rates ideally should be competitive and borrowed via federal or private lending companies. There are simply a lot of options that one can choose when obtaining a student loan consolidation. One way of doing it is by finding lending companies via the internet and then check on their rates of interest.Nowadays in the financial market, there are numerous lenders who are competing to provide services to students. However, when talking about the interest rates, many of these companies are just charging very high rates, which are more often than not unaffordable for these student borrowers.To consolidate loans and obtain competitive student loan consolidation rates certainly is a great help for students into becoming a responsible debtor. With college loans, students have to face different amounts and interests monthly. However, with college loan consolidation, they only have to pay a single amount every month.It is now common for borrowers to obtain a fixed rate of interest which is up to .6 percent lesser than the current interest rates. And in accordance to government rules and regulations, computing the rate of a consolidated debt which is disbursed July 1, 1994 or after involves the average of the rates of the previous college loans that you consolidated. Fixed rates on consolidated loans should not go beyond 8.25 percent.

Student Debt Consolidation – Repayments Made Easier

It is a blessing for a student if he can make an easy and regular payments of his student loans; this only means his road to pursuing his college degree can be done with a lot less stress and hindrances. However, this is not usually the case for many borrowers. More often than not, monthly installments are not paid late, if not paid at all. Hence, with the number of loans that a borrower has to worry about every month, he has to decide fast and just get a student loan consolidation to take care of his financial woes. Consolidation means merging the old loans, turning them into one cheap monthly payment. Via this road, you find yourself taking care of a much easy-to-pay new debt and at the same time, ridding of the multiple loans that had created for you financial havoc all this time. And with the elimination of the old debts, you are in effect erasing the problem of dealing with the high interest rates that go with them.However, students must be careful about getting student debt consolidation. It should be emphasized that there are two types of college loans, the private and the government ones. If it so happens that you have both these types under your names, it is a must that you consolidate your loans into two groups – private and federal student loan consolidation.All kinds of government loans such as Perkins, Stafford and PLUS Loans should be consolidated under a government student debt consolidation loan. Why do we need to separate the federal from the private when consolidating? This is because the federal loans have lower rates of interest? If in case, they are consolidated together with the private ones, the advantage of having low rates will be disregarded. While your old government debts have different payment schedules and terms, once they are consolidated, there will only be a single repayment schedule leading to a much easier management of your debt. On the other hand, private debt consolidation loan should be employed when we want to merge private debts, and such loan can be availed as either secured or unsecured. Always remember, federal and private loans never mix as far as debt consolidation is concerned.

Consolidating College Student Loans – Efficient Solution to Debt Woes

Certainly you must be tired of the interest repayment on your student loans that you need to face every month. Worry not as there is not an effective solution to all your problems and this is what we call student loan debt consolidation. With college loan consolidation schemes, students are able to enjoy numerous advantages and benefits.However, students can become confused on what the qualifications are when applying for college loan consolidation programs. But when it comes to federal loan consolidation, the government is clear on the rule that students within their grace or who found themselves in the position wherein they are not able to pay their loans qualify in getting student loan consolidation schemes. Those who are still enrolled may enjoy the benefits that federal guaranteed loans offer.Nowadays, there exist many lending companies that offer student loans to students, however there are many of them who charge high rates of interest. Indeed, students are obliged to pay interests on the loans that they obtained, and this is done on a monthly basis. For some, this responsibility can be quite impossible to fulfill because of lack of financial resources.When it comes to repayment of college loans, this task can be a great burden and certainly a big distraction from the career of life of a student. The best thing to alleviate such burden is by getting a student loan consolidation program. This is the greatest deal for one to get and enjoy. Such financial schemes certainly help a student by taking away his worries on how to pay back his monthly payments. This happens once he is able to obtain a new, more manageable loan.

Student Loan Consolidation Interest Rates – Competitive Ones Are What Borrowers Need

It is discovered that US students are leading all over the world when it comes to taking advantage of student loan consolidation interest rates. These days, thousands upon thousands of college students are applying for college loan debt consolidation hoping that they obtain the repayment relief that they expect from these financial loan schemes.As it is, college loan debt consolidation programs are one of the best ways by which one can have relief from his many student loans. They are effective in helping borrowers get control over their burdensome loans and provide them with the means to plan an efficient budget and repayment scheme.For the best type of student loan consolidation interest rates, you can find them on the internet. All you have to do is contact the lending companies that are willing to give you affordable repayment plans. Always look for those who take time to share great financial advice, especially on how to effectively handle and manage your multiple college loans.Of course, when finally the student borrower applies for student loan consolidation, it is advisable for him to first check and study the terms and conditions that are presented to him by the college debt and loan provider. Do not simply accept the first program offered to you. Make sure that the interest rate is low as you are on the lookout for the minimum amount of payment that you need to pay every month. Shun away from lenders who are quick to present to you a variety of attractive consolidation program, but are not willing to offer you interest rates that are low and affordable.

College Parents Benefit From “Kiddie Condo Loans”

Despite its relative obscurity, a great investment tool for college bound students is growing in popularity among savvy college parents. The FHA loan program, affectionately nicknamed “Kiddie Condo Loans”, is one of the best programs out there to help jump start a student’s credit and provide a low down payment option for cash strapped parents to purchase a home for their son or daughter.For details on the loan program, I went to Steve Beecham, President of Hometown Mortgage in Alpharetta, Georgia. Steve’s excitement over the program is evident as he explains, “There are few programs, if any, left in the market place where a co-signer doesn’t have to live in the property.” The bottom line is a college bound student can qualify, with a parent’s help, for as little as $500 down.The FHA program actually requires three percent down. However, that three percent can come as a gift from several different places, such as:1. A relative by blood, marriage, or law2. The borrower’s employer3. A charitable organization4. The seller (can give up to six percent)One easy source for the funds might be the Nehemiah Down Payment Grant. This is a charitable organization that will fund up to six percent for the purchase; three percent of which can be used for the down payment and three percent which can be used for closing costs. Your mortgage lender would fill out the paperwork on your behalf. Six percent would be written into the purchase price as a contribution to Nehemiah. The organization in turn, at closing, gives all of it back to the seller, less a $500 contribution from the buyer. So, the net out of pocket from the buyer is the $500.Obviously, there are some ground rules for the program, some of which are:1. At least one of the buyers (usually the college student), must occupy the home. But extra bedrooms can be rented out to help defray the costs of the mortgage.
2. Qualifying guidelines are based on the student’s and the parent’s credit and income. Generally, both parties must have a credit score of at least 580.
3. If it is a condo, then a majority of the condos in the complex must be owner occupied.Also, don’t let the nickname fool you. This program can be used on virtually any property, not just condos. And, it can be used up to a maximum loan amount of $346,000 for homes inside Metro Atlanta.

Eliminate College Debt With Helpful Repayment Advice

The days of paying for college in full, without some type of loan or Federal assistance are long gone. More students are graduating college with more debt than ever before. College costs have increased significantly and the consumer’s ability to pay has only changed slightly. As a result, more students owe money upon graduation.There are a number of pays to pay off your college debt. Fortunately for those who have taken Federal loans, grace periods and deferments can help you until you find a full time job that allows you to begin making payments against your loan. Regardless of your employment situation, the responsibility of loan repayment is yours and yours alone.If you are a recent grad and you’re wondering exactly how you are going to pay off your loans, don’t despair. There are a variety of methods you can use. One of the most popular and effective is student loan consolidation. Using student loan consolidation, you group your loans into a single loan which often reduces your monthly payment amount.Some individuals who consolidate see longer repayment periods. However, a little known method of reducing your payment period is by making one extra payment towards the principle of the loan each and every year. For longer repayment periods, this reduces the amount owed and the life of the loan significantly.You should start by speaking with your lender. Do they penalize you for early repayment? If so, what are the costs? Balance those against the longer repayment cycle and the potentially tens of thousands of dollars you must pay in interest over the life of the loan. More often than not, banks are willing to accept early payment without penalty.By making an extra payment directly towards principle, you are attacking the loan at its source, reducing interest expense over the life of the loan. When you make your payments, be sure to write on the check, “towards principle” only. When I sent my additional check in for the first time, they applied it towards the following month’s payment, not exactly what I had in mind.Once you get things rolling, try to save enough to make a full months payment each December. In the grand scheme of things, it’s not a lot of money but it will have a significant impact on your repayment schedule and amount. One suggestion is to speak to a representative at your lender to see what types of accelerated repayment programs they offer. Even though this is a great option, it’s not one that is widely publicized.Paying off your college loans seems like an almost impossible task, but isn’t. Stay focused on making your monthly payments one at a time. Before you know it, you will be way into repayment and can explore other options like making an extra payment towards principle annually. This will save you money and help you eliminate your debt.

5 Benefits of Student Loan Consolidation

Are you sick of paying interest on your monthly student loans with no end in sight? Afraid of cash-flow problems that may prevent you from paying your student loans on time? I know I was and there is a solution to this problem. It is called student loan consolidation.What is Student Loan Consolidation?Student loan consolidation simply means consolidating all your student loans into a single loan with a monthly payment plan. Effectively, all your previous student loans are written off and a new student loan is created which you have to pay off monthly.Benefits of Student Loan ConsolidationHere are some of the benefits of student loan consolidation1. Lower monthly paymentsBy consolidating all your student loans into one loan, you only need to pay off one loan monthly instead of several student loans monthly. Thus, your monthly payment is lower2. Pay only one loan monthly instead of several student loans monthlyIt is a lot easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.3. Low, fixed interest rateBy consolidating your student loans, you will be able to take advantages of low, fixed interest rates. Currently, by law, student loan consolidation rates cannot exceed 8.25%. Furthermore, national interest rates are at a 40-year low therefore this is a good time to get one.4. No credit card check or processing feesNo credit card check is required during the application of a student loan consolidation. The payment plans and terms are usually quite flexible in that they can customize it according to your financial standing.5. Make monthly student loan payment electronicallyWhile it is not necessary to make payment electronically, most lenders will knock 0.25% off your student loan rates if you make payment electronically. Also, using direct debit from your bank account will prevent you from forgetting to make a payment.Sometimes it can get quite confusing as to the qualification of applying for a student loan consolidation. The official stand from the government is that students who are still in their grace period or who are still studying in school may qualify for government student loan consolidationThe government student loan consolidation nowadays are quite competitive compared to private sector, therefore I would recommend going for a government student loan consolidation. With so many benefits of getting a student loan consolidation, it is quite obvious to save money in the long run is to get one.