Student Loan Consolidation is an Easy Way to Save
Consolidation loans allow you to combine different types of federal student loans to simplify repayment. Even if you have just one loan, you can also choose to consolidate it. Both the Federal Family Education Loan (FFEL) and Direct Loan Programs offer consolidation loans.
Federal loan consolidation can include Federal Stafford Loan consolidation, PLUS Loan consolidation, Direct Loan consolidation as well as Perkins Loans, HEAL Loans and all Federal FFELP and Direct Loans taken to pay for your education.
Private student loan consolidation is different - You will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.
FFEL Consolidation Loans
A FFEL Consolidation Loan is designed to help student and parent borrowers consolidate several types of federal student loans with various repayment schedules into one loan. With a FFEL Consolidation Loan, you will make only one payment a month. Under this program, your consolidation loan will be made by a commercial lender, credit bureaus will be notified that your account has a zero balance, and you will sign a new promissory note that will establish a new interest rate and repayment schedule.
Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits.
With Federal student loan consolidation program you will:
- Reduce your monthly student loan payment up to 53%.
- Simplify your finances - make one payment per month.
- Improve your credit rating.
- Save money today when you need it most.
To receive a FFEL Consolidation Loan, you must be in repayment on your defaulted loan (that is, three voluntary, on-time, full monthly payments). Depending on the balance due, the repayment period may extend up to 30 years. If you owe no other delinquent or defaulted debts to the United States, you will again be eligible for other federal funds, including FHA loans, VA loans, and Title IV student financial aid funds.
One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable.
Student Loan Consolidation Could Save You Hundreds of Dollars
The rates on federally guaranteed loans (which change annually) dropped July 1, 2004 to the lowest levels in the history of the program.
Student Loan Consolidation Saves You Time
After graduation, consolidation loans can help ease the burden of repayment by bundling all your student loans into a single loan with one lender and one repayment plan. Students and parents are each eligible for student loan consolidation.
Student Loan Consolidation Allows You to Better Manage Your Cash Flow
By consolidating multiple student loans into one lower monthly payment, you gain the freedom to better manage your monthly budget, and invest more of your earnings for the future.
Private Student Loan Consolidation
Private Student Loan Consolidation, although similar in many ways to school loan consolidation, is a separate program geared to refinance all non-federal school related debt. Private consolidation offers the convenience of a lower monthly payment and simplified finances. A Private Consolidation Loan can provide the opportunity for significantly lower monthly payments by combining all your private student loans into one manageable loan.
- Lower your monthly payment amount by as much as 45% in the first year.
- No application fees, No prepayment penalties.
- Fast and convenient online loan application.
- Conditional pre-approval decision within minutes online or by phone.
Federal student loans can not be consolidated with your private student loans.
Consolidating Federal Student Loans prior to Private Student Loan Consolidation can improve your credit score and may qualify you for a better interest rate.
Act Now! Postpone your Federal Consolidation Loan payments for Six Months!
www.consolidation.nelnet.net
Cut your student loan payments in half.
www.nextstudent.com
See how you can save with the student loan consolidation.
www.studentloanconsolidator.com