Coming Clean With Student Federal Loan Consolidation

By Samuel Jones

Student federal loan consolidation is one of the best ways to clear up messy student debts that come from multiple lenders and involve non-fixed interest rates. Pursuing a degree can be an expensive affair and by the time they graduate, many students find themselves saddled with heavy student debts. While the majority will be able to find employment soon enough, starting out on a new career with a trail of debt following you can be a frustrating affair.

Student loan consolidation gives you an easy and affordable option to deal with student loans. This allows you to combine all outstanding debts into one thus making it easier to deal with. While there are a number of debt consolidation programs available, the federal loan consolidation programs are best suited for students.

Efficiency And Options

Student federal loan consolidation comes with so many benefits that it is hard to find a reason not to opt for them. They have been specifically designed to help students deal with the burden of student debt so that they can concentrate on studying and finding a good job on graduating. A student federal loan consolidation is ideal for those whose debts run above $7000.

Student federal loan consolidation allows students to bring together all their federal loans into one loan. Practically speaking, this is treated as an entirely new loan which is easier to maintain since you are not dealing with multiple lenders and making multiple payments. This kind of debt consolidation allows you to lock your interest rate at a reduced level and offers flexible payment plans as well.

Flexible And Secure

Since the government offers federal loan consolidation, private lenders are also benefited. The government will cover the costs in case the borrower cannot pay. Student federal loan consolidation can reduce the burden of monthly payments by as much as 60% in some cases. Apart from offering flexible payment plans, the term period can also be extended depending on the total amount. Since there is no need for co-signers or credit checking, students who are under financial stress can also avail these consolidation packages.

There are a number of different student federal loan consolidation schemes that are available and students can choose the one that best suits their needs. These include Loans for Disadvantaged Students, Auxiliary Loans to Assist Students and Federal Parent Loans for Undergraduate Students. By availing student federal loan consolidation programs, students can drastically reduce their debt burden and help put their finances in order. By doing so, they can focus their energies on studying and laying the foundations for their future careers.

Student federal loan consolidation is an easy way to deal with student debt. Student debt consolidation in general and federal loan consolidation in particular is the most viable option for students dealing with multiple student loans. For more details regarding options to reduce student debt log on to Student Loans Debt Consolidation

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Federal Loan Consolidation - Bring Relief Into Your Debt-Ridden Life

By Asheesh Mani

College students can better manage their finances with the help of federal loan consolidation. Education isn't cheap any longer and you have to spend thousands of dollars to complete your studies. Almost every student takes loans to finance studies. These loans come at a price. You have to pay back the loan along with interest in fixed installments over the coming years. Federal student loan consolidation is a big relief to students who have accumulated huge amount of unmanageable debt as it provides many benefits to the students over the other student loan consolidation companies.

Benefits Of Federal Debt Consolidation

There are many benefits of Federal debt relief program for students. One of the major advantages of adopting this student debt consolidation program is that you have to pay a much lower interest rate on your consolidated amount. This means that you make a huge saving every month which you can put to good use in some other way. Lower interest rate also means that you have to pay much less in installment every month which puts less strain on your monthly resources. Moreover, the rate of interest is fixed and not floating. If the interest rates increase in the market then your loan interest remains unaffected and you keep paying a lesser rate of interest. This means that you will remain unaffected by inflation in the economy.

Federal loan consolidation has the backing of the government. Therefore, you are never at any loss at any stage. There are many lenders who are willing to offer student debt consolidation. Many lenders are willing to offer many sops to students to take federal loans from them for consolidation, as they know that they can easily claim their loans from the government. Many lenders give incentives to the students in the form of lower interest rates to attract business, this helps you to maintain a good lifestyle while doing your studies and you do not have to search for money all the time. If you do face some financial hardships, you can also apply for deferred payments and leniency when you take federal student consolidation loan.

You can only gain when you go for federal loan consolidation as there is no way in which you can lose. That is precisely the reason why federal loans are so popular with all students who are dependent on external finance to complete their studies. However, you must remember that you can take opt for student debt consolidation only once. Therefore, you must choose your lender very carefully and ensure that you reduce your monthly installment to the maximum limit so that you get maximum leverage in your monthly budget.

Federal loan consolidation is the best means of debt consolidation for college students. Student debt consolidation is possible through various student loan consolidation companies offering debt reduction and consolidation plans at low rate of interests. To read more visit Student Debt Consolidation Loans

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Federal Loan Consolidation - Consolidate Your Money Matters After Graduation

By Saurabh K Jain

Federal loan consolidation is indeed a boon for millions of students who take various types of education loans. Federal loan consolidation is extremely convenient, simple, and much more advantageous than other kinds of loans or debt consolidation programs. This program also works on the principle of merging multiple debts into a single debt. But it has several other attractive features / aspects that make it much more appealing to students. Let’s find out what makes federal loan consolidation so simple and beneficial an option.

Federal Backing

Unlike other debt consolidation programs, the U.S. government supports federal loan consolidation. That is to say that in case a student defaults in payment of consolidated loan, the government steps in and pays off the loan to the concerned company. Thereafter, the government recovers the due amount from the student. Now, this feature makes the student loan consolidation companies really enthusiastic in granting consolidation loans to students as the risk factor is eliminated for them. This also weeds out the usual requirements like credit check and employment / income verification. Most of the companies do not charge any kind of fee for student debt consolidation.

Benefits Galore

Graduates who opt for federal loan consolidation or student debt consolidation benefit from this ingenious idea in a number of ways. Firstly and obviously they get rid of multiple loans and monthly installments. This significantly reduces botheration and enables them to better concentrate on other affairs. Further, student loan consolidation companies calculate a fixed interest rate on the consolidated loan, thus ridding you of any worries pertaining to interest rate fluctuations because of inflation. If you deal with a genuine loan consolidation company, they mostly fix a lower rate of interest for you as compared to the rate of interest on your multiple loans. Thus, you can save thousands of dollars if you manage to get a really good deal. Basically it depends on the quantum of interest on your original loans and the kind of company you deal with.

Also, if you wish to, you can go for a longer period of repayment. The standard repayment period is 10 years. You can opt for a period as long as 30 years. This automatically leads to reduction of up to 60% in your monthly installment amount. Thus, it becomes much easier for you to pay the installments and spares a lot of money for you to spend on your other requirements / bills.

In addition to the above, you can also avail the facility of deferment or forbearance in case you face a financial crunch. Plus, there are no penalties for pre-payments i.e. you can even pay off your loan earlier than the scheduled period if you are in a position to do so. Federal loan consolidation companies do not impose any penalties in such cases.

Federal loan consolidation is a program intended to ease the pecuniary pressure on the graduate students. A number of student loan consolidation companies are offering multiple benefits to students by way of reduced rates for student debt consolidation.

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Federal Loan Consolidation May Not Benefit All Student Borrowers

By Harry Better

Federal loan consolidation is an option that may help borrowers manage repayment of their federal student loans, particularly if they still have Federal Stafford/Direct Loans with variable interest rates. But, consolidation may not be right for all borrowers, particularly for those who now only have federal student loans with fixed interest rates. According to Jeffrey E. Hanson, director of borrower education services at Access Group, a nonprofit student loan provider, "Borrowers may be able to save money both in terms of their monthly loan payment and in the total amount they pay if they do not consolidate their fixed rate Federal Stafford/Direct and Federal PLUS loans."

There are three primary reasons why borrowers should weigh the benefits and costs before rushing into consolidation. First, Federal Stafford/Direct Loans first disbursed on or after July 1, 2006, have fixed interest rates. Thus, the fixed interest rate structure of the Federal Consolidation Loan provides no advantage to borrowers who have these new fixed rate loans. Second, many graduate/professional student borrowers likely now qualify for the Extended Repayment option on their Federal Stafford/Direct and Federal PLUS loans. That option provides a 25-year repayment period, thereby allowing borrowers to reduce their monthly loan payment without having to consolidate. And most importantly, many lenders now offer on-time payment incentives on Federal Stafford and Federal PLUS Loans that are more beneficial financially than those offered on consolidation loans.

To see examples illustrating how borrowers can save money by not consolidating and to learn more about the pros and cons of the Federal Consolidation Loan program, go to FederalConsolidation.Org

Resource : http://student-loan-consolidation-program.blogspot.com/2007/02/federal-loan-consolidation-may-not.html

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Federal Loan Consolidation- The Facts And Figures

By Ashwell M

Federal loan consolidation could very well be the most efficient way of dealing with student debt. For many students, studying involves the rigor of academic work and in many cases, working part time in order to earn a little extra money. Accumulated student debts can add to the financial burden of any student, especially if a student is dealing with multiple lenders and fluctuating interest rates.

While student debt consolidation is a smart way to deal with debt, federal loan consolidations are by far the most viable option. While there are numerous student loan consolidation companies who give a number of beneficial offers, few can rival the benefits that can be gained through federal loan consolidation.

Too Good To Be True?

Many people may feel that federal loan consolidation is just too good to be true. This is because it offers students reduced monthly payments and fixed interest rates without the burden of charging extra fees, credit checks or income verification. In an effort to encourage students to study and complete their higher education, the government has implemented federal loan consolidation opportunities to help students deal with the burden of debt.

The benefits of this kind of student debt consolidation program are manifold. Since they are guaranteed by the government, private lenders will also find these kinds of loans attractive. Furthermore, lenders may also extend further benefits to responsible borrowers. Federal loan consolidations offer longer term periods but also give students the option of paying off their debt quickly without any worry of penalties. Students can also avail forbearance benefits in case they cannot make a particular payment.

Federal Loan Consolidation And You

When it comes to paying off student loans, many students believe that once they find a good job, paying off their debts won't be a big deal. This can be especially true in the case of graduates who can expect six figure salaries once they start working. The reason why federal loan consolidation is attractive for everybody is that it offers a range of options. In case it takes longer than expected to land your dream job, a federal loan consolidation can offer numerous benefits in times of financial stress.

Perhaps most importantly, the early days of establishing a career are the most important. A fresh graduate shouldn't have to worry about dealing with student debts when he or she is about to enter an exciting, new career. Federal loan consolidation allows you to concentrate on more important aspects of your life and lets you take care of your debt as and when you can.

Federal loan consolidation is something every student should take advantage of to deal with student debt and to help build a solid financial foundation for the future.

Federal loan consolidation is a boon for students looking for student debt consolidation options to reduce college loan related debts. Federal student loan consolidation is the most prudent way of dealing with debt among all the debt options offered by student loan consolidation companies. Student Loans Debt Consolidation has more information on the options, costs and process of student debt consolidation.

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Federal Loan Consolidation Gives Students A Breather

By Apurva Shree

Federal loan consolidation provides financial relief for students graduating with debt. Students who consolidate their loans get lower monthly installments, fixed interest rates and additional benefits. All this is done without a credit check, income verification or fee. Student debt consolidation companies do not have a downside and it's beneficial in many ways for students who have taken multiple educational loans from different borrowers. In this consolidation program, the consolidated loan is almost like a new loan where all existing loans are paid of by the student loan consolidation companies and the students has just one new loan at better terms and write just one check toward the monthly payments.

Benefits Of Federal Loan Consolidation

There are several benefits of these federal loan consolidation programs as listed below:

The first benefit is getting a loan at lower monthly installments, fixed rates and larger repayment period. The repayment period can be extended from standard 10 years to up to 30 years, depending upon the total amount of federal loan consolidation.

Some borrowers allow graduate repayment schedules for student debt consolidation, where the borrowers can keep more of their initial salary for themselves and the monthly installments increase as their salary increases in coming years.

There are no credits checks or co-signers required for taking these loans. Some student loans consolidation companies also offer special rewards and incentives to people who maintain good loan pay-back record.

If the student has loan amount exceeding $7,500, he or she can apply for the federal loan consolidation. These loans are supported by the US government on certain basis. If the borrower is unable to pay, the govt. pays to the lender and recovers the money from the defaulter.

What Loans Are Eligible For Consolidation?

There are certain loans which are eligible for federal loan consolidation. They are: Federal Stafford Loans, Federal Perkins Loans, Federal Direct Loans, Health Professions Student Loans (HPSL), Nursing Students Loans(NSL), Federally Insured Students’ Loan(FISL), Auxiliary Loans to Assist Students(ALAS), Federal Supplemental Loans for Students(SLS), National Direct Students Loans (NDLS), Health Education Assistance Loans(HEAL), Federal Parents Loan for Undergraduate Students(PLUS) and Loans for Disadvantaged Students(LDS).

The federal loan consolidation is a great way to help out students in their education and enable them to repay their loans on time. If you are facing problems in taking care of your monthly repayment checks or are confused with too many loans, then opt for the federal loan consolidation and enjoy the benefits.

Federal loan consolidation is a financing scheme with very attractive terms that allows students to consolidate all their loans in one loan. The student loan consolidation companies have various offers for helping out the students that are knee deep in debt with multiple loans. There is a list of loans which are eligible for consolidation. Visit Student Debt Consolidation Loans for an updated information about student debt relief options.

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Federal Loan Consolidation - Reliable Help At Hand

By Samuel Jones

Student debt consolidation program is an easy way out for students and parents who are grappling with the multitudes of paperwork and due dates for each loan that has been taken for education. There are many types of loans, which the students can take for their education. Broadly speaking, they are Federal Loans and Private Loans. Let us discuss in details the basics of Federal Loan Consolidation.

An Overview OF Federal Loans

Federal loans are sanctioned by the U.S. education authorities and are usually approved easily. The different types of federal loans which are eligible for student debt consolidation are:

Federal Perkins Loans

Stafford Loans

PLUS Loans

Federal loans come with a guarantee or reliability of the US Government.

Federal Loans are tax deductible thereby giving you the advantage of increased cash in hand. These loans offer the facility of deferred payments incase you decide to become a student again. Federal Loans “might” be excused in extraordinary circumstances.

Can I Include And Consolidate All Loans In A Federal Loan Consolidation Program?

No, this is not possible. Federal Loans and Private loans cannot be merged when you opt for student loan consolidation. Federal loan consolidation, as the name suggests is a student debt consolidation program for Federal loans only. In addition, not every loan is eligible for federal loan consolidation. The borrower must be out of school or college. The federal loan repayment must have started or be in its grace period. The consolidated loan amount should ideally be above $10,000. Always remember to keep federal and private loans separate. Consolidate all federal loans into one program and all the private loans into another.

Why Should I Consolidate My Loans? I Have To Repay Them Anyway!

The main advantages of opting for a federal loan consolidation are,

Multiple loans are being merged into one. Keeps just a single loan recorded under your name

With student loan consolidation, you are free from keeping a track of all the due dates and the corresponding installments. There is less chance of missing an installment.

The consolidated monthly payment is considerably less than that what you would have paid otherwise. In some cases, you can save up to 45%! That means you have more money in hand every month to spend on other requirements.

You get to show an improved credit rating as you have just one loan and one creditor to take care of. This is an excellent opportunity to improve your credit ratings by being prompt every month.

Minimal or No credit checks. Yes, there are federal loan consolidation programs, which do not look at the credit ratings of the borrower. Keep an eye out for those programs if your credit score is nothing great.

You can stretch the repayment over a period of 30 years! The choice is the borrowers.

Whatever be your choice, student loan consolidation or individual payments, always remember that committing to a loan is a serious matter. Keep in mind the expenses you may have to incur in the next 10 years. It could be anything- Marriage, children, a new house or a new car… Keep a realistic picture in your mind and opt for a loan. Things always do not go as expected. Keep contingencies in mind.

Federal loan consolidation or student debt consolidation is an effective debt management plan designed specially keeping the problems of students in mind. With a student loan consolidation plan, you can breathe easy as now you have to manage just one monthly repayment as against multiple repayments. Student Loans Debt Consolidation offers more details about the process, benefits and types of student debt management methods.

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Federal Loan Consolidation - Your Friend In Need

By Ashwell M

Federal loan consolidation is all about providing loans to students in need of finance. These student debt consolidation loans come as a fresh lease of life to students who are already reeling under the impact of student loans taken earlier. These loans have a longer repayment date and are provided at a much lower rate of interest. You can take advantage of these loans in many ways. Students with bad credit or no credit can apply for federal loan consolidation. Your application does not go through a credit card check. You do not have to give any guarantee of income. Best of all, you do not have to pay any fees.

The Benefits Of Federal Loan Consolidation

The greatest advantage of federal loan consolidation is that it has the guarantee of the government. Private student loan consolidation companies try to entice borrowers by offering loans at a reduced rate of interest. Usually, the students get a package, in which they get a reduction in interest rates, a longer duration of payment and a lower monthly installment. During the term of the loan even if you miss an installment due to a financial crunch, you do not have to lose sleep over it as you can always apply for extension. You can also offer a date on which it will be possible for you to pay. Because of the ensuing benefits, federal loans are extremely helpful for student debt consolidation.

When you opt for federal loan consolidation, you should tread very carefully and choose your lender very carefully. You get only one chance to take a federal loan. Make sure that the lender is at a reachable distance and one with whom you can interact freely. Also, see that the lender gives you proper respect and consideration. A federal program helps you to save thousands of dollars in terms of interest. Besides, you have a longer tenure and lower fixed installment to pay. However, this program may be available for only a short term, so do not lose time and apply for a federal loan consolidation immediately.

Some More Benefits

Moreover, this is not all; students who pay on time get rewards and incentives from the government. You also improve your credit-rating if you a pay on time. With a federal loan consolidation program, you can save up to 60%on your monthly payment besides getting tenure as long as 30 years if the amount of loan is bigger than $10000. For all purposes, student loan consolidation companies are more than eager to provide loans under a federal loan consolidation program. This is a new loan for the student and he no longer needs to worry about the previous loan installments.

Federal loans are available for a big section of student loans and other loans. HPSL, NSL, FISL, ALAS, SLS, NDSL, HEAL, PLUS and LDS. The US government supports federal loans consolidation under certain conditions. You should try to repay your loan according to the terms and conditions; otherwise, the government pays the lending companies, and extracts the same from the borrower, which can be very inconvenient for the borrower.

Federal loan consolidation facilitates student debt consolidation by offering student loan consolidation programs to help the students trapped in the debt net. Student Loans Debt Consolidation provides information regarding student debt consolidation councelling and other debt relief options.

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Federal Loan Consolidation - A Fairy Godmother

By Ashwell M

Imagine this - you are a student with a huge debt and wishing that you were Cinderella with a fairy godmother coming to your rescue. Well, you need not go back to the fairy tale age because federal loan consolidation is available for your help and it can rescue you from debt trap.

The cost for higher studies is skyrocketing every day; student loans are necessary for higher studies along with good grades. However, it is in your best interest that you should opt for student loans consolidation, as soon as possible.

Why Do I Need It?

Most of us take more than one federal student loan. It means paying too many creditors quite a large sum of money. When you graduate, it will put a great strain on you freshly begun career. Hence, it is best to go in for student debt consolidation when you are graduating. It will help you in your new life as a working individual.

How Does It Help?

When you go for a federal loan consolidation, you are paying all your loans back through a single loan. Do not be alarmed at the mention of another loan; the interest rate is much lower and fixed. Even the repayment time period is longer, so you can easily manage your finance. They even offer additional benefits and flexible repayment option. The market is so competitive that they will lower the interest rate for student debt consolidation of this kind. The amount of money you can take as a loan is quite high but since the monthly repayment is fixed you can repay as well as have a healthy financial condition side by side, with federal loan consolidation. If you are going through a rough patch then that will also be taken into consideration.

Doesn’t It Sound Too Good To Be True?

Yes, it does and fortunately, this is one of the cases where what you see is what you get. Federal loan consolidation is so agreeable with student loan consolidation companies because the government is your guarantee! So if you miss any payment or default on your loan, they still get their money back. But remember, to get federal loan consolidation, you have to pass some criteria. So talk in details with the student loan consolidation companies you have approached for a student loan consolidation before filling up the form. Good news is that they do not check your credit card rating or see how much you earn and you do not have to mention your tuition fees either! Do not pinch yourself, you are not dreaming, it is all true.

Like all good things, this scheme may also end someday. So don’t waste a golden opportunity, contact the student loan consolidation companies today and go for federal loan consolidation.

Federal loan consolidation helps a student to repay his/her loans through a single monthly payment at a lower interest rate and is guaranteed by the government. There are various student debt consolidation options available through student loan consolidation companies. Student Loans Debt Consolidation has more details and information that you need for consolidating student loans.

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Federal Loan Consolidation Departments

By Jimmy Sturo

Federal loan consolidation departments provide consolidation services to students who seek loans for educational purposes. Consolidation is a refinancing program providing an opportunity for the individual to convert outstanding education loans held by various lenders into a single new loan with a single monthly payment. This method of clearing up credit is a wonderful way to pay off the debt in full right now, while providing you with the crucial opportunity to pay off your loan to a new department with whom you have a fresh slate.

There are many federal loan consolidation departments in the United States. The US Department of Education offers a federal consolidation loan program called the William D. Ford Direct Consolidation loan program. In this program, the borrowers are allowed to apply for a loan consolidation provided an agreement is made to follow to the Income Contingency Repayment Plan (ICR).

The department of education offers loan consolidation services both online and on the telephone. The federal departments offer many loans such as the one under the Federal Family Education Loan (FFEL) program. For loan consolidation, you have to approach either the consolidation department of the lender or a federal education department.

If the borrower defaults on payments, then the consolidation department (Department of Education) reports this to the national credit bureaus. That causes damages to the borrower's credit rating, eventually inviting difficulties for the borrower to purchase a car or house. So the borrowers must keep in touch with the loan-servicing center so that billing statements do not go astray.

Federal Loan Consolidation provides detailed information on Federal Loan Consolidation, Federal Student Loan Consolidation, Federal Direct Loan Consolidation, Federal Loan Consolidation Departments and more. Federal Loan Consolidation is affiliated with Cheap Debt Consolidation Loans.

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Federal Loan Consolidation Processing

By Gibran Selman

Debt consolidation is a way of reducing your monthly payments by combining various loans to form a single loan. Lower interest rates and longer repayment periods are the main factors that contribute to reduced monthly payments. Borrowers prefer debt consolidation, as it is convenient to repay one loan within a stipulated period instead of several loans with varying repayment terms. The financial market is highly competitive and there are innumerable debt consolidation companies offering a variety of debt consolidation services. It can be an overwhelming experience to choose an appropriate company. Ideally, most borrowers prefer to consolidate their federal loans through a company that offers flexible repayment and affordable monthly payments.

Federal government strives continuously to improve the living standards of the citizens of the United States. They offer a variety of loans to people at affordable rates along with easy repayment options. The most commonly acquired form of federal loans includes student loans and FHA mortgage loans. The most popular types of student loans are the Stafford loans, Plus loans, and Perkins loans. Federal loans can be consolidated through federal consolidation programs namely, Federal Family Education Loan Program (FFEL) and the Federal Direct Loan Program. They can also be consolidated through private commercial consolidators. Typically, the borrowers have the option of applying online for consolidating their loans through these programs. Loan consolidation is not a very complicated process, though the borrowers are required to fulfill certain criteria to qualify for these programs.

There are no deadlines specified by the government for consolidating as long as borrowers apply within the grace period or during the repayment period. However, the borrowers can consult a financial expert to decide the best time for applying for the consolidation programs depending upon individual cases.

The entire process of application, loan processing and receiving a loan may require up to 90 days. After receiving a loan application, the consolidating company verifies the eligibility of the applicant and then contacts the respective lenders for confirming the outstanding amounts of the loans to be consolidated. After confirmation and verification, the interest rates to be applied are calculated and the ‘Disclosure Statement’ is drawn. The consolidating company issues the settlement checks to the lenders to close previous loan accounts. The disclosure statement is then offered to borrowers after the consolidation loan is approved. Borrowers are allowed to include new or existing loans in the debt consolidation plan for up to 6 months from the date of issue. However, the rates prevailing at the time of addition of new loans will apply and the consolidating company will re-evaluate the average interest rate applicable on the loan.

Debtors also have the option of consolidating their federal loans with an online consolidating company. Besides, the borrowers have the option of exploring consolidation options of several financial companies before actually deciding on any one of them. A good research goes a long way in eliminating any future financial complications. It is also very easy to apply for loan consolidation through the websites of these companies. Borrowers are required to fill up their personal details such as name, marital status, contact number, and details pertaining to loan amounts and income.

Gibran Selman works for CuraDebt, a company providing financial and creditor negotiations, settlement, and arbitration services on behalf of individuals and small businesses.

To get a FREE Debt Analysis Online in Only 30 Seconds, simply go to our website at http://CuraDebtConsolidation.com and fill out our simple application to see if you qualify and to receive a FREE, confidential consultation from an understanding counselor.

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Federal Loan Consolidation

By Jimmy Sturo

Federal loan consolidation provides an individual the opportunity to consolidate all outstanding loans held by various lenders into a single new loan that can be recovered in single monthly payments. This loan also helps a person to extend the repayment period thereby making monthly payment obligation more manageable. It improves your credit situation by showing that you are taking steps to improve yourself.

Federal loan consolidation brings in a positive payment history thereby improving your credit score. The loans that can be included in a federal consolidation process are the Stafford loans, subsidized and unsubsidized (also called guaranteed student loans), Perkins loans, PLUS Loans, federal insured student loans, supplemental loans for students, health education assistance loans (HEAL), nursing student loans (NSL, and health professions student loans.

There are certain benefits in consolidating a loan. It reduces the monthly payment up to 60%. Federal consolidation allows borrowers to lock in current low rates thus protecting from future rate increases. Other benefits include an improvement in credit rating.

There are many loan counselors available to assist you with the application process when you are applying for a federal loan consolidation. The three easy ways to apply are – online, phone or mail. The consolidation process takes anywhere from 30 to 90 days.

Even though the federal loan consolidation releases a customer from a burdensome situation, especially when the borrowed amount is large, there are certain disadvantages of consolidating your loans. On account of longer repayment periods, the individual will have to pay more by way of interest.

Federal Loan Consolidation provides detailed information on Federal Loan Consolidation, Federal Student Loan Consolidation, Federal Direct Loan Consolidation, Federal Loan Consolidation Departments and more. Federal Loan Consolidation is affiliated with Cheap Debt Consolidation Loans.

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Federal Loan Consolidation - Loan With No Credit Check

By Saurabh K Jain

The loan which can lower your monthly payments with low and fixed interest rates is federal consolidation. This benefit along with some additional benefits like no credit check, no fees, and no penalties makes it the best option to choose. Such programs are framed to help the students, who want to study but do not have sufficient money to continue their education.

What Does Loan Consolidation Do?

Today, education is not a low-cost expenditure and this is the reason why many students depend on consolidation companies. These companies facilitate the learner with the cash amount at some discounted schemes, with which they can smoothly carry on their studies.

Federal loan consolidation is a kind of financing program, which combines all your existing money and forms a single new loan. Such loans are provided at fixed interest rates to the student, which is valuated based on weighted average of the interest rates on the loans that are to be consolidated. Loan consolidation lowers your monthly payments by extending the period of loan from 10 years to 25-30 years.

The borrowers are eligible to borrow once they leave school, have graduated or dropped below half time enrollment. In addition, if you possess more than one loan, then only you can think of applying for consolidation. The students who have borrowed amount while they were in the grace period of any loan that has been consolidated, it is to be noticed that that grace period gets terminated.

Repayment Period

The repayment period begins within 60 days of the disbursement of the credit. Further, the period is dependent on the amount borrowed and the payment scheme chosen. The students choosing these programs are not required to pay any application fees or any prepayment penalties. With this benefit, they are also not asked for credit check.

There can be situations when you are unable to make the monthly installment of the consolidated amount. Need not to worry in such a situation, just call consolidation company, and ask to put the amount into a deferment or Forbearance status, until the date when you are in a state of resuming the payment.

It is to be noted that the consolidation cannot be done again and again, so choose when you really need it. It is recommended to do proper research and study before choosing and applying a plan for loan consolidation. Understanding the correct time and scheme of the loan can solve your financial needs and give you a bright future.

Federal loan consolidation combines many loans and lowers your monthly payment by offering a flat fixed rate of interest, if a trusted student loan consolidation company is chosen for student loan consolidation. For more information visit student debt consolidation loans

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Federal Loan Consolidation - An Overview Of Student Debt Consolidation Options

By Andrina James

Student Loans are becoming increasingly popular nowadays. Parents are no longer worried whether they will be able to afford the huge education expenses if the child is keen on a higher education. If you think student loans are getting out of proportion creating stress, consider a Federal loan consolidation plan.

Types of Student Loans

The Federal student loan consolidation sanctioned by the U.S. education authorities are usually approved easily. There are the different types of Federal loans- Federal Perkins Loans, Stafford Loans, PLUS Loans. Federal loans come with a guarantee or reliability of the US government. These loans are popular because the borrower is eligible for tax deduction after the loan has been approved and the repayment has started. This gives the student and the parents, whosoever is shouldering the expense, the advantage of increased cash in hand. There can be situations wherein your child decides to go back to studies after a break. These loans boast of the facility of deferred payments incase the borrower decides to become a student again. The main advantage of these loans is that they can be consolidated! Yes, students can actually reduce their monthly expenditure by opting for Federal loan consolidation.

The other type of loan is the private loan. These are loans approved by private institutions like private banks. These loans cannot be consolidated under the same program as the Federal loans. Student loan consolidation has many restrictions and this is one of them. Yes, you may have two Federal loans and three private loans. You will have to keep the Federal loans in one program and the rest in another. Think this over before you opt for a private loan. Besides, private loans charge a higher interest than the Federal loans and credit history plays a major role in the approval. Do not rely on a private student loan if you have any doubts about your credit ratings!

Whichever loan you opt for, always consider loan consolidation if you are not sure about whether you will be able to manage multiple installments every month. Missing one payment can make your calculations go haywire! With Student loan consolidation, you can merge all your loans into one and take the trouble of remembering the details of only one loan. Moreover, you can actually save up to 40% every month in the repayments! You will have more money in hand to clear any non-educational debts that you incur! Not only will your credit rating improve steadily, you will also be eligible for other loans like auto loan.

Many companies in the U.S. offer great student loan debt consolidation programs. Always, opt for the Federal loan consolidation programs as they are reliable and time tested. Nevertheless, enquire before you commit to a debt consolidation. There may be loopholes that may mess things up for you once you finish your education and enter the job world. Keep a realistic estimation of how much you can afford to pay after your education. There are more monthly expenses in this world, in addition to paying off educational loans! You would not want to get a black spot on your credit ratings within the first year of your independence!

Student loan consolidation has many benefits. You can select a student loan consolidation program or a Federal loan consolidation to consolidate student loans and get free from the stress of servicing multiple student loans. Student Loans Debt Consolidation offers detailed information that could help you with the process of selecting the right student debt consolidation plan for you.

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