STUDENT LOAN CONSOLIDATION

Student Loan consolidation - LOANS

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your feld of study or because you’re having financial difficulty Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.

Types of Loans:

Federal Perkins Loans are:

• Made through participating schools to undergraduate, graduate and professional students.
• Offered by participating schools to students who demonstrate the greatest financial need (Federal Pell Grant recipients get top priority).
• Made to students enrolled full-time or part-time.
• Repaid by you to your school.

• Stafford Loans are for undergraduate, graduate and
professional students. You must be enrolled as at least
a half-time student to be eligible for a Stafford Loan.

STUDENT LOAN COMPARISION

TYPES OF LOANS	ELIGIBILITY	LOAN AMOUNT	INTEREST RATE	REPAYMENT PERIOD
Federal Perkins Loans	Undergraduate and graduate students; do not have to be enrolled at least half-time*	Undergraduate—up to $4,000 a year (maximum of $20,000 as an undergraduate) Graduate—up to $6,000 a year (maximum of $40,000, including undergraduate loans) Amount actually received depends on fnancial need, amount of other aid, availability of funds at school	5 percent	Lender is your school Repay your school or its agent Up to 10 years to repay, depending on amount owed
FFEL Stafford Loans	Undergraduate and graduate students; must be enrolled at least half-time*	Depends on grade level in school and dependency status (see chart on page 11) Financial need not necessary	Changes yearly; for 2005-06 was 5.3 percent for loans in repayment For those with fnancial need, government pays interest during school and certain other periods	Lender is a bank, credit union, or other participating private lender Repay the loan holder or its agent Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected
Direct Stafford Loans	Same as above	Same as above	Same as above	Lender is the U.S. Department of Education; repay Department Between 10 and 30 years to repay, depending on amount owed and type of repayment plan selected
FFEL PLUS Loans	Parents of depen­dent undergraduate students enrolled at least half-time* (see dependency status); parents must not have negative credit history	Student’s Cost of Attendance* - Other aid student receives ___________________________	Changes yearly; for 2005-06, was 6.1 percent for loans in repayment; government does not pay interest	Same as for FFEL Stafford Loans above
		= Maximum loan amount
Direct PLUS Loans	Same as above	Same as above	Same as above	Same as for Direct Stafford Loans above, except that Income Contingent Repayment Plan is not an option

Federal Stafford Loans

Cash in on a great offer! Get one of the most affordable loans available. Federal Stafford Loans are government-secured student loans available to undergraduate and graduate students at rock-bottom rates. There’s no collateral or credit check required, and payments are deferred until you graduate. "

Stafford Loan Eligibility

• You must have submitted a FAFSA to be eligible for a Stafford loan.
• For subsidized Stafford loans, you must have financial need as determined by your school.
• You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
• You must be enrolled or plan to enroll at least half time.
• You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.
• You must not be in default on any education loan or owe a refund on an education grant.

Stafford Loan Interest Rates

Note: Graduate Stafford Loans (both subsidized and unsubsidized) have a fixed interest rate of 6.8% through 2013.

Academic Year	Subsidized Rates	Unsubsidized/Graduate Rates
2007-08	6.80%	6.80%
2008-09	6.00%	6.80%
2009-10	5.60%	6.80%
2010-11	4.50%	6.80%
2011-12	3.40%	6.80%
2012-13	6.80%	6.80%
Current Stafford Loan interest rates in effect from 07/01/2008 to 06/30/2009

Federal Student Loan Consolidation Rates

		Rates through June 30, 2007		Rates effective from July 1, 2007
	Date Disbursed	Grace Period Rate	Repayment Rate	Grace Period Rate	Repayment Rate
Stafford	7/2006 - Present	6.8% Fix	6.8% Fix	6.8% Fix	6.8% Fix
	7/1998 - 6/2006	6.54%	7.14%	6.62%	7.22%
	7/1995 - 6/1998	7.34%	7.94%	7.42%	8.02%
	7/1994 - 6/1995	7.94%	7.94%	8.02%	8.02%
	Prior to 7/1992	8.09%	8.09%	8.17%	8.17%
PLUS	7/2006 - Present	8.5% Fix	8.5% Fix	8.5% Fix	8.5% Fix
	7/1998 - 6/2006	7.94%	7.94%	8.02%	8.02%
	7/1994 - 6/1998	8.34%	8.34%	8.05%	8.05%
	10/1992 - 6/1994	8.34%	8.34%	8.05%	8.05%
	7/1987 - 9/1992	8.49%	8.49%	8.20%	8.20%
Grad PLUS	7/2006 - Present	8.5%	8.5% Fix	8.5% Fix	8.5% Fix
Perkins	All Disbursements	5%	5%	5%	5%

common view - Student Loan Debt Consolidation

A student loan debt consolidation loan allows you to combine your federal student loans into a single loan with one equal monthly payment. The repayments of a student loan debt consolidation loan can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family Education Loan (FFEL) Program, banks, secondary markets, credit unions, private bankers and other lenders provide the student loan debt consolidation loan. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the student loan debt consolidation loan.
Most federal education loans are eligible for inclusion in a student loan debt consolidation loan, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. However, private education loans are not eligible for inclusion in a student loan debt consolidation loan.
To find out which loans can be included in a student loan debt consolidation loan contact the Direct Loan Origination Center's Consolidation Department if you’re applying for a direct student loan debt consolidation loan. Contact a participating FFEL lender if you’re applying for a FFEL student loan debt consolidation loan.

It is worth noting that you are still eligible for a student loan debt consolidation loan after you graduate, leave school, or drop below half-time enrollment. You can also get a student loan debt consolidation loan while you're in school. You must, however, be attending at least half time and have at least one Direct Loan or FFEL in an ‘in-school period’ which generally means that you have been continuously enrolled at least half time since the loan was disbursed. There are a number of conditions that need to be met for you to qualify for a student loan debt consolidation loan, particularly if you are delinquent or in default and your loan holder will be able to give you all the necessary information.
If the same holder holds all the FFEL loans you want to consolidate, you must obtain the student loan debt consolidation loan from that holder, unless you haven't been able to get a loan with income-sensitive repayment terms that are acceptable to you. To be eligible for a William D. Ford direct student loan debt consolidation loan, you must have either a direct Stafford subsidized or unsubsidized loan that will be included in the student loan debt consolidation loan or have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan. this link provides you more information.

http://www.debt-helper.info

Private Loan Consolidation - An Easy Method of Debts

when completing your studies, a major problematic still persists i.e. how to clear the debts incurred for sponsoring your higher education. As you have lent the loans from various lenders, making multiple payments at the same time will definitely burn your pocket. The only vital solution available to you is student private loan consolidation. By resorting to this option, it will be easier for you to pay off your debts in a easy suitable methods.first thing is that you consolidate all your unpaid high interest debts in to a single loan will make it easier for you to clear the debts. All you have to do is to make a single monthly payment at reduced rates. it is not a matter from whom you have availed the loans, be it from government or private lenders. One thing is certain that students' loans pile up in a fast paced manner. But with this consolidation loan, it permits you to bundle up all the previous debts in to a single manageable amount. -- this is to avoid the multiple creditors and this is the way, you have to deal with only one lender to whom you are obliged, instead of multiple creditors. http://www.gradloanusa.com/

Private Consolidation Loan

• Introductory rate starting as low as 5.76%
• Option to pay interest-only for the first two years
• If you have a cosigner now, this could be an avenue to get them off

Looking to grab the precise consolidation loan is not that difficult. The loan market is full of lenders who are willing to help you in this regard. Before approving the loan, the lenders would check your background, financial position, the extent of the debts that remains to be paid along with the interest rates. then after which, they will offer you the consolidation loan at reliable rates, which in turn will save you a considerable amount of money.
Student private consolidation loan can be best obtained through the online mode. The online lenders approve the loan instantly so that you can settle the debts as soon as possible. By taking a deep research, you will be able to select a deal that suits your prevailing circumstances. .If there is any confusion;consult with bankers and take the help of finance advisers. Over and above all, it can be assumed that with this consolidation loan, you have the means to settle your debts without facing too many obstacles.
Julia Russell works as an executive in financial department for Get Student Loans. She has a lot of experience in finance field. To gain more information about Student Private Loan Consolidation, bad credit student loans, student loans refinance, college student loans visit

http://www.get-student-loans.com/

A Student's Guide - Best Consolidation of Loans Practices

In Recent days reality that the steep and huge prices of education and further increasing its requirements and demands of the college lifestyle, making young students to seek out the best consolidation-loan student practices to help them to cope with their difficult financial situations. After having read this brief yet informative article, one would have gained a little more understanding which specific best consolidation-loan student practices is best suitable for you. which will actively boost one`s credit scores.

Knowing the best consolidation-loan student practices and methods can help student with lot of expenses, bills, loans and unplanned miscellaneous expenses etc., settling them all can be daunting to say the least! A Method for long way can be simplified student lifestyle. This is possible as you have just one bill to pay every month instead of multiple creditors knocking down your college dorm and disturbs.card bills, car payments, you can also choose to consolidate student loans into one streamlined bill, still it may in the long run you end up paying a higher interest rate. http://www.gradloanusa.com

• 30 year payback option on current balance
• No pre-payment penalties for early payment

Additional benefits you may be interested in when choosing to consolidate student loans with the regular expenses, is that they paint a better picture on your credit history. Having a good credit score can be your emergency lifeline in case you need to make that emergency loan-- in case you are pushed against the wall with nowhere else to turn to.

Ultimately one of the best tools a student can possess is have the ability to have steady source of funding in case of unexpected situations. A good credit score, best consolidation-loan student practices can help to achieve that end.
Kyle Black is a writer and researcher in many fields including the financial markets. Save thousands of dollars today and avoid unnecessary interest rates and bad financial decisions.

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