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:: HOME :: CREDIT CARDS :: LONG DISTANCE :: INTERNET SERVICE :: LOANS · Main Page · Auto Loans · Home Equity Loans · New Mortgage Loans · Refinance Loans · Student Loans  Loan Consolidation Private Loans Tips and Advice Calculators· Debt Consolidation · Credit Report & Score · Tips & Advice - New! · Calculators - New! · Loan Glossary · Loan FAQ · Info & Resources :: CELL PHONES :: INSURANCE :: ONLINE BANKING :: KNOWLEDGE :: MORE |
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Student Loans Tips and Advice Center Topic: Student Loan Consolidation Options See the subtopics menu for tips and advice about differnt student loan consolidation options. For additional information about student loans, see the topic list directly below.
 One Student Loan Repayment Plan is Not Like AnotherWhat are my options for repaying my student loan? For a recent grad, the most important decisions are often about loan repayment and, therefore, student loan consolidation. Some might think it's just a matter of negotiating a decent monthly payment and sticking to it for the duration of the payment term. This can be true, but keep in mind that there are various types of repayment plans. The following are three of the most common repayment plans available.
^ Back to top Repayment Plans with Student Loan ConsolidationWhat are the different types of repayment plans available with student loan consolidation? If you've recently graduated from college, chances are you're going to soon see student loan bills piling up. In order to lower the payment into something more manageable, you'll need to pick the right type of repayment plan. The following are a few financial repayment options:
^ Back to top Student Loan Consolidation AdviceWhat advice can you give me on student loan consolidation? If you thought applying for a student loan was complicated, chances are you'll find the myriad topics on student loan consolidation equally confusing. Here are a few simple things to remember deciding when to consolidate student loans:
When considering student loan consolidation, make sure to consolidate your federal loans first. By doing this, you'll likely get a lower interest rate due to the subsidization of federal loans. In addition, you'll be paying off your federal debt, which can actually increase your credit rating (it certainly shouldn't hurt it). When you consolidate any private loans, your newly improved credit rating can help you obtain lower interest rates on the private consolidation. There's a lot to remember here; just take everything one step at a time. The main outcome you want to achieve is manageable monthly payments that you won't default on, with the lowest interest rates possible and the largest overall savings. ^ Back to top Do You Qualify for Student Loan ConsolidationDo I qualify for student loan consolidation? You're sitting at your desk surrounded by bills and paperwork. With so many school loan payments to make at a variety of interest rates, you're probably asking yourself how you can simplify the process. Student loan consolidation can definitely simplify at least part of the process. When choosing a lender, you should be able to request a free, no obligation information package that clearly outlines the necessary qualifications for student loan consolidation. So what does it take to qualify for student loan consolidation? The following list should get you started:
^ Back to top Saving Money on Student LoansHow can I save money on student loans? When people think of student loans, they usually think in terms of debt. But there are ways to save money on your total payments. With a little extra effort, you can shave thousands of dollars off your student loan debt by paying it off as soon as possible. Here's how it works:
This is one method of saving money on student loans. Obviously, not everyone will be able to make extra payments on their student loans to pay them off faster. And those that can may not be able to do so on a regular basis. But keep in mind that any extra payment that you can afford to make will save you a lot in the long run. If the possibility to make an extra payment arises, give it serious consideration. ^ Back to top Back To School with a Consolidated LoanDo I still have to make payments on my consolidated loan if I go back to school? You've signed the loan papers and everything is in order. Finally, all of your student loans have been consolidated into one manageable monthly payment. However, you're still attending classes. Now that you've already consolidated your loans, how are you going to continue to make payments while attending school? The good news is you can have consolidation payments deferred if you're enrolled as a full or part-time student in post-secondary education. In most cases, students who are not enrolled full or part-time will have interest accruing on the loan. As a full-time or part-time student, you can defer payments and the government will pay the interest on those deferred, subsidized loans. Just remember that you'll have to start paying back your loan as soon as you graduate, with no additional grace period offered. ^ Back to top
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