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Consolidating Your Government Student Loans
By Dale Ronewicz, Thu Dec 8th
A Consolidation Loan allows you to combine your federal studentloans into a single loan with one monthly payment, which can besignificantly lower than the payment required under the standard10-year repayment option. Under the Federal Family EducationLoan (FFEL) Program, banks, secondary markets, credit unions,and other lenders provide the Consolidation Loans. Under theWilliam D. Ford Federal Direct Loan (Direct Loan) Program, thefederal government provides the loans. Most federal education loans are eligible for consolidation,including subsidized and unsubsidized Direct and FFEL StaffordLoans, SLS, Federal Perkins Loans, Federal Nursing Loans, andHealth Education Assistance Loans. Private education loans arenot eligible. PLUS Loan borrowers (parent borrowers) also canconsolidate their loans. To apply for a Direct Loan Consolidation or an FFELConsolidation the borrower must contact the lender and completean application. Most lenders provide borrowers with the abilityto apply on-line or request an application over the telephone.Once an application is completed and submitted, the lender willrequest information from the borrower’s other lenders or fromits own system to determine the amounts outstanding on theborrowers loans. The borrower will then receive notificationabout
Student Loan Consolidation Service
Find your number one student loan consolidation service when you complete the attached, secure loan consolidation form. You're under no obligation to us, simply by doing this. But we are under obligation to you - we will find you the right student loan consolidation service to meet the demands of your student loan. The one person you should be committing to in doing everything you can to pave the way toward your economically-sound future - is to yourself.
A powerful student loan debt consolidation service force beckons
When you align forces with our student loan consolidation center specialists, prepare to save money in several ways on your federal student loans. We will get you a reduced fixed rate for the duration of repayment. Switching from a variable rate to a fixed rate, when you opt for student loan consolidation, is one of the best ways to save, going. This is because a variable rate is subject to huge spikes, dependent upon inflating interest costs. On the other hand, a fixed rate will never fluctuate. It will stay the same numerical value for the duration of your loan repayment time.
Lowest student loan consolidation service rates ever
And right now, the rates are the lowest ever for our student loan consolidation service. It's true. We configure your interest rate according to the weighted average of all of your existing loans. We have been getting some applicant rates on their student loan debt consolidation lower than 2%. But, the average is anywhere from 2.9-4.2%. This will not change. But what might change is legislation. A hot topic in Congress right now is whether to make the fixed rate obsolete on astudent loan consolidation service program. Act now before Congress is able to get away with this. Even if and when they pass this law, forever binding student loan consolidation programs to variable rates, you will still be able to keep your fixed rate, if you make it in on time.
Student loan consolidation service is federally guaranteed - but not for long
Take advantage of these federally guaranteed programs. As time passes, you will lose your chance to get the best student loan consolidation ever possible. Interest rates this low (truly too good to be true!) will not stay down forever. Remember, in the world of finance, what goes down - inevitably will come up again. And, we may not be able to offer fixed rates in the future, if opponents get their way and pass the legislation that brings the reign of support to an end.
Take advantage of this opportunity to significantly alter the long-term repayment rate on your direct student loan consolidation or your other federal loans. You never know until you try what you may accomplish. You are bound to save in a major way for the life of your repayment. Do it today with a lowered, fixed rate from a student loan consolidation program. Whatever you do - don't put this 'to-do' too far off on your back burner pile. You may never get the chance again to lock in these historically-low rates with a fixed interest rate. Get it together with your best student loan consolidation service today.
the consolidation loan, normal consumer disclosures, theamount owed, and if appropriate, where to make payments.
Always Consider the Cost You should keep in mind that although consolidation can simplifyloan repayment and lower your monthly payment, it also cansignificantly increase the total cost of repaying your loans.Consolidation offers lower monthly payments by giving borrowersup to 30 years to repay their loans. So, you'll make morepayments and pay more in interest. In fact, in some situationsconsolidation can double your total interest expense. If youdon't need monthly payment relief, you should compare the costof repaying your unconsolidated loans against the cost ofrepaying a consolidation loan. You also should take into accountthe impact of losing any borrower benefits offered undernon-consolidated repayment plans. Borrower benefits, which mayinclude interest rate discounts, principal rebates, or some loancancellation benefits can significantly reduce the cost ofrepaying your loans. About the author:For Part II of this article please visit:http://www.american-lenders.org/goverment_student_loan |
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