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While there seems to be an urgent need to consolidate student loans, there are really times when to get student loan consolidation programs should be deferred. Borrowers with merged debts might be qualified for such deferment benefits; this actually depends on the student’s personal circumstances. For example, you might have exhausted your privilege to defer on your government debts. However, this should not be a cause for you to fret. One you merge your multiple loans, this allows you to obtain more options to defer.
So, when is the most appropriate time to consolidate student loans? The best time should be after the borrower has graduated from college. For students, their loans will be due around 6 months after graduation. This is the standard grace period, and is a good time for the borrower to get his debts organized and even be merged via student loan consolidation programs.
Within the six months, you can perform all that is necessary to ready up your loans for merging. However, the actual consolidation should not be until after six months grace period. With the unmerged loans, the federal government should be the one responsible for loan interest payments during the six months. However, if you decide to consolidate student loans with your grace period, you and you alone have the responsibility of immediately paying your loan.
Another thing, before getting into student loan consolidation programs, there are important facts that should be known about college debts. It is important to distinguish the private from the federal student loans. Private student loans have a much higher rate of interest than the government debts. This is because the former is considered unsecured while the governments loans are government-backed by the government.
This fact only means that federal student loans have a lower rate than the private debts when refinancing. Most students both have these two kinds of debts. And definitely you may refinance them. However, it is a must that you do not mix these two loans. Consolidate these two groups of student debts separately to retain the benefits that one can gain from them.
For more student loan consolidation programs and college debt consolidation articles, do visit our Easy College Loan Consolidation blog.
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Help answer the question about College Loans Consolidation
How to pay off college loans/debt?What are my options? I know there is something about loan consolidations. I know if you join the armed forces they usually pay off your debt. I know there are loan forgiveness programs for teachers, whereas they can teach at low income school districts and have their loans paid off. I am a sociology major who wants to work with children in the future.
If you took out loans while in collge, how did you pay off your debt?
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Great!!!Very interesting and informative video…
http://www.SSSC.com
I know a few people who consolidated their loans through them and they offered them great rates.
You may also want to try http://www.acs-education.com
Before any college loan consolidation you need to understand how things work try this site for starters.
http://www.loans.tohelpyou.info/refinance/Refinancing.html
Sallie Mae consolidates.
Consolidating students loans do not make a difference to the credit expect if you fail to repay them (as you did). I have consolidated and it has worked out fine. I started with a low interest rate and because I paid on time for 36 months continuously my interest rate was dropped an additional 1%. If you can't make all the payments, consolidation is the best way to go and make your life easier. Good luck.
Requirements: As I recall, you must have more than $10,000 in outstanding loans. You must not be in default.
Best lenders: I chose to use the federal government who held most of my loans. You can check nslds.ed.gov for more information.
I am in the same boat. No one is consolidating right now because of the credit crisis. If you find someone who will do it please let me know, these $700 a month payments are killing me!
Hi tludwig.,
The first thing is you need to make sure that you are not in default on any of them, because the Army won't repay any that are in default.
Also make sure that you meet all the requirements. I put a link that describes them below.
Once you're all set there, go to http://loanconsolidation.ed.gov/borrower/borrower.shtml . You can apply right there at the Federal Direct Consolidation Loan site.
Good luck,
Ken
If you fit into the criteria, then you should move ahead to the next step, which is talking to the consolidation company and asking them to contact your creditors to reduce your monthly payments and interest rates. Just as with any other loan, student loan repayment affects your future prospects of loan-taking.
If student loan debt goes beyond eighty-five percent of your total income, it is seen as a negative score in your future credit assessment.
The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards — the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again.
The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years… which could cut your monthly payment in half.
If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/
To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans