Guide For Student Loan Consolidation

Student loan consolidation, also known as student loan refinancing program, can be termed as an effective debt clearance strategy. Apart from clearing the debt, a student can also save a good amount of money through student consolidation loan since this loan is offered at lower interest rates and requires the student to pay lower monthly repayments. However, one needs to consider certain facts while opting for a student consolidated loan.

Financial Counseling:

Consolidation loan is not the only solution for student debt management. There are other viable options that can be used as an alternative. Information about these options is available with the financial-aid office. Hence, it is important for students to consult a financial counselor before considering a student consolidation loan.

Refinancing during grace period:

Federal loans such as Stafford loans provide students with a six-month grace period. This grace can be availed even after the student has graduated from the school. Loan repayment starts only after the grace period has ended. This is the right time to consolidate a student loan as the interest rates during the grace period are far less than the rates after the expiry of the grace period. Once the student is employed, interest rates are determined based on the income.

Lender Initiatives:

So as to sustain in the market and be competitive, several financial organizations and private lending firms offer a variety of packages and promotional offers so as to attract customers. Some of these include reduced interest rates, flexible repayment options, reduction on on-time payments and auto debit option. Since, there are several lending firms providing consolidated student loans, it is better to shop around so as to get the best deal.

Another useful strategy is to opt for a variable interest loan during the initial years. Once the interest rate decreases to a considerable level, the variable interest rate loan can be switched to a fixed interest rate loan. Federal and private student loans should never be combined while opting for a consolidated loan. Under certain exceptional situations, students with Perkins loans are not required to pay back their loan amount if they work for a prescribed number of hours in professions such as teaching or community service.

What Is Bad Credit Student Loan Consolidation?

With the rising costs of education, taking student loans is the only way out for most students who are keen on completing their education. Students take loans at various stages of their education with varying rates of interest applicable to them. As their education continues, these loans pile up, and managing them becomes increasingly difficult for them because of the lack of stable means of income. To help such students - bad credit student loan consolidation comes into play.

Defaulting on loans means that the credit rating of the student would slide down, making it difficult for him/her to get loans in future. The best way to deal with such a situation is to consolidate your loans into one single bundle. Bad credit consolidation makes the loan easier to handle, and the student gets the advantage of having good credit ratings and having a considerably lower rate of interest to pay.

It works by the student surrendering all his loans to a student loan consolidation company. The company repays the loans taken by the student and issues a new one for which the student is obliged to pay monthly installments.

Bad credit is the term used when a student is unable to repay his loans. It comes with a lot of disadvantages and therefore, for getting out of student loan consolidation is the best option available to the student. A student loan would help the student to have a good credit rating, making his funds much more manageable and giving him/her time to repay his/her loan.

Bad credit loan consolidation may be a bit more costly because of the student's tarnished reputation concerning the repayment of loans. However, it is still a good option to go for them since they help in taking the load off the shoulders of the student.

Consolidating Your Student Loans

Debt from student loans can be crushing to recent college graduates and get in the way of achieving other life goals. Fortunately, there is a way to reduce the strain on your finances and even improve your credit score. Many graduates are turning to loan consolidating to help manage their loan repayments. The procedure and requirements differ from federal and private loans.

Consolidating Federal Loans

Stafford loans and Federal Perkins loans are examples of federal loans. These loans are given to you by the government and may or may have accrued interest while you were attending school. Consolidating your federal student loans provides a fixed-rate refinancing program that takes all of your existing federal loans and combines them into one new loan. Your monthly student loan repayment could be cut by as much as 50% as well as reduce your interest rate by .6% if you consolidate during your grace period. One monthly payment will help you simplify your finances.

Payment relief

By creating one consolidated loan you can receive payment relief, a lengthening of your repayment term from the standard 10 years to up to 30 years. This frees up your disposable income to spend on other expenses like car payments, housing, and work-related necessities. There are no penalties for overpayment, so when the funds become available you can make larger payments and minimize your repayment term.

Consolidating Private loans

Like federal loans, consolidating private loans means lumping everything into one new loan. To consolidate your private loans from undergraduate school you will have to apply with a qualified co-signer in order to be approved. If you have a graduate degree you do not have to apply with a co-signer.

Some of the benefits include reduced interest rates, rate reductions, deferment, and no prepayment penalties. Loan holders may lower your interest rates if your credit has improved. Applying with a co-signer who has good credit could help you get a lower APR loan. There is a grace period for medical/dental residents as well as military personnel if their private student loans are consolidated. As with federal student loan consolidation, you can also have your repayment period extended allowing you to pay the lowest monthly payment possible.

How Much Student Loan Can You Get?

As there are different types of loans offered for studying abroad, for undergraduate students and for graduate students and for studying in US. So, there procedures are different and different principal sum of loan amount can be offered according to the need of a student's educational expenses.

International Undergraduate Student Loans:

This loan is available for non-US citizens who are enrolled at least as a part-time student at a TERI approved school. So, applying with a US co-signer is necessary to get approval for loan, no exceptions are accommodated.

Students need to give information about their Full names, Social Security Number, Date of Birth, Permanent Address, Monthly Rent, Home Phone Number, Occupation, Employer details, Business Phone number, Gross Annual Income, Proof of enrollment, and References.

The international student loan is not need-based so students don't need to worry about it. If the student has bad credit history, he should first review the credit repair options. A qualified co-signer is a must. The time of getting a loan depends on different factors i.e. credit history, school, and amount of loan the student requested for. The maximum of 3% interest rates will be charged for this kind of loans.

Undergraduate Students can borrow up to the lesser of the cost of attendance or $30,000. The total a student can borrow for undergraduate studies is $130,000 overall.

International Graduate Student Loans:

These types of loans are available for US citizens and permanent residents enrolled in TERI approved schools, colleges, and universities in USA who wish to pursue study abroad programs through those schools.

Information required is same as for the Undergraduate Student Loans. This is also not a need-based student loan program. If student has bad credit history, he can go for credit repair options first. Qualified co-signer is required as well. Up to $40,000 can be given for a year of student's education in special cases and total up to $130,000 will be given for graduate studies abroad.

Alternative Student Loans:

These loans are for US citizens and permanent residents attending schools, colleges, or universities within the USA or international students with a US citizen co-signer. A co-signer is strongly required for both US citizens and non-US citizens. And both the student and co-signer must have good credit history.

Information required applying for these loans are similar to those for International Loans. These types of loans are also not need-based. Credit review options must be viewed before applying for loans with bad credit history. Maximum 3% interest rates will be charged on these kinds of loans.

Per academic year, a student can be assigned up to $30,000 with a maximum of $130,000 overall for graduate or undergraduate studies.

Student Loan Consolidation Advice

Student loan consolidation is an effective and convenient debt management strategy highly beneficial for students who have defaulted with the student loan repayments and are willing to get their credit history back on track. However, student loan consolidation is always the last option to be considered when a student is trying for debt clearance.

Listed below are certain facts that one has to take into consideration before opting for student loan consolidated.

Consultation with the financial-aid office: Various student loan programs have interesting options for debt clearance. For example, in case of Perkins Loans, one can reduce the loan amount by doing some community service for certain number of hours. Also, physically challenged students have separate concessions. All this information is available with the financial-aid officer in your school. One needs to have a financial counseling with the officer before opting for consolidation.

Taking advantage of the grace period: Federal loan programs such as Stafford Loans offer a 6-month grace period to students who have just graduated from the school. Within this period, the student is expected to get employed and become financially independent so as to start the loan repayment process. According to market experts, this is the right time to apply for a student loan consolidation. Interest rates are really low during this period. Once the grace period ends, interest rates are determined based on the income of the student.

Never combine federal student loans with private loans: One should never combine private loans like credit card debt and car loans with federal student loans while opting for loan consolidation. Private loans come at a higher interest rate and do not carry the same type of benefits like a federal loan. Hence, consolidating a private loan with a federal loan would increase the overall interest on the loan.

Lender initiatives: With the objective of wooing customers and also to withstand competition in the market, lenders offer attractive loan packages. It is important to take advantage of these lender initiatives. Information about these initiatives can be obtained by shopping around and getting quotes from multiple lenders.

Risk of Consolidating Federal and Private Student Loans Together

No matter how desperate you are to consolidate your student loans, you are reminded not to consolidate both your federal and private study loans together. It is a very bad idea to combine them for the following reasons:

· You have the freedom to further your studies in future even you have consolidated your federal loans. However, once you lump both federal and private loans, it is totally not possible for you to defer your payment if you want to go back to school.

· You are not able to save cost when you consolidate both types of loans together. You are not allowed to claim interest as a tax deduction on a private loan consolidation.

· No matter what line you are in, it is not possible for you to apply for forgiveness on a private loan consolidation. However, you stand a higher chance to waive your federal loan if you are working in certain sectors like military service, teaching in economic development zones, joining federal volunteer programs, etc. Under certain circumstances, the government is willing to dismiss part or all of your federal loans. If you consolidate both private and federal loans, you will no longer enjoy this benefit.

· The interest rates for federal loan consolidation plans are always much lower than private ones. In order to enjoy lower interest rate, don't ever try to combine both loans. In general, the interest rates for private loans are variable and it is hard for you to lock in for today's current historic low rates.

Last but not the least; you are advised to consolidate your federal loans first so that you are able to eliminate part of your debts. For there, you can boost your credit score gradually. By doing so, you can eventually obtain a better term for your private loan consolidation in the near future.

Finding The Best Student Loan Consolidation Lender

A consolidation loan is a gathering up of all the loans you have taken with various student loan lenders and paying them all off with a loan from a consolidation lender. So, instead of having a number of creditors, each with a different amount due, each with a different day of the month due, and each with a different interest rate; you can have one bill due per month.

Finding a Student Loan Consolidation Lender

Choosing the wrong consolidation lender could potentially ruin your monthly budget and that could lead to late payments, late fees, even default. Late payments or defaults will cause very bad marks on your credit history and that is not the way you want to start life in the real world. The following guidelines should help.

Private Vs. Federal Student Loan Consolidation Lenders

If all your original loans were taken from federal sources, you would be wise to seek a consolidation lender who works under the auspices of federal student loan programs. These lenders usually are more convenient because of their understanding of federal student loan programs. They also tend to offer lower interest rates than private student loan consolidation lenders.

On the flip side, if the loans you wish to consolidate are from private student loan lenders, you should probably opt for a private student loan consolidation lender. When asked to consolidate non-federal loans, federal loan consolidation lenders will not usually come up with the best interest rate. It is always wise to shop around and compare rates and fees.

Another consideration is that private lenders tend to exert more requirements than federally connected lenders. Private lenders base their approval process on credit histories. Having just graduated, you may not have much credit history. Because of this, the lender may request a cosigner. His or her credit history will be scrutinized.

Interest Rates

Private student loan consolidation lenders tend to determine interest rates based on two factors: Your credit rating and the interest it allows along with the market rate this type of loan is presently demanding. The higher your credit score, the lower the interest rates. Shop around, various lenders will calculate interest rates a little differently.

Private lenders may offer you a consolidation loan with variable interest rates, determined yearly by the caprice of loan markets. You would do yourself well to find a lender willing to grant a loan based on a fixed interest rate so you avoid the loan market fluctuations.

Most federal lenders will calculate an interest rate that is a weighted average of the individual interest rates you are now paying to each company.

Terms and Conditions

Just as as you must when seeking any type of loan, you should keep your eye on certain considerations.

Loan Amount: Do not agree to a consolidation loan if it will not completely retire all your outstanding student loan amounts, including any odd fees or adjustments.

Fees: These are often determined by your credit score, or the score of your cosigner. They are usually referred to as application fees or origination fees.

Deferment Time: This is the time between the satisfaction of the amounts owed the various lenders and when you must start payment to the consolidator. The longer the better.

Maturity: This is the amount of time the lender will give you to satisfy your obligations. The larger your monthly payments, the sooner you can retire the debt. Of course, the lower your monthly payments, the longer you will be in debt and the more interest you will pay.

Cosigner: If at all possible, try to avoid having a cosigner. This further complicates the process. Sometimes it is hard to find a trusted individual who is willing to assume the responsibility.

How Student Loan Repayment Programs Can Help You Pay Off Your Student Loans

As the fall semester gets started, students may be struggling with tuition bills, program fees and other education-related expenses like books and lab materials. When parents need some help meeting their student's educational expenses, a PLUS loan could provide the financing they need. It's also a good time to consider student loan consolidations to lower monthly payments on existing, non-subsidized student loan repayment programs.

Federal student loan consolidation is available for Stafford, Plus, Perkins, Heal, NSL, HPSL and all of the Direct Loans. You can only consolidate the loans that are not in default, so you must first take care of the defaulted loan in order to put it into the consolidation.

There are really no disadvantages to consolidating student loans. The one disadvantage that we are aware of has to do with the Federal Perkins Loan. Perkins loans are typically subsidized by the Federal Government while in deferment while the student is still in-school. When you consolidate a Perkins loan it loses that subsidization.

The advantages of consolidating a loan are only one monthly payment, usually fixed rate which is advantageous if rates are low and loan terms up to 30 years depending on the balance. This can lead to lower monthly payments overall. If you have a Stafford loan, you should consider consolidating during your grace period as the loan repayment is .6% lower than it is in repayment.

The Stafford loan has these repayment options:

Standard repayment is where the principal and interest payments are due each month throughout the repayment period.

Graduated repayments are smaller at the beginning of repayment process and increase at specific periods and in specific amounts over the term of the loan.

Income-based repayment takes monthly loan payments based on a percentage of the borrower's monthly gross income. StaffordLoan.com offers an income-sensitive repayment plan.

Extended Repayment provides eligible Federal Stafford, Federal PLUS and Alternative loan/Federal Consolidation loan borrowers payment relief through a lengthened repayment term of up to 25 years.

Serialization is when the loan holder purchases your loans held by other institutions and services them in one account. You make one monthly payment but retain the original terms and interest rate.

With the student loan repayment programs, the consolidation program should be seriously considered. The borrower may refinance multiple loans and original loan amounts are paid in full and a new loan for the combined balance is originated, with a new loan term and usually a new interest rate.

Student Loan Consolidation can lower your rates by 60% whether your loans are federal loans, private loans, parent PLUS loans, or Stafford loans. It is important to take advantage of federal financial aid before turning to alternative financing options such as private loans. Refinancing your student loans will reduce your monthly payments and lock in a fixed interest rate. When you consolidate student loans you are refinancing your existing student loans and rolling them into one single manageable loan.

Are Their Student Loans For Undergraduates?

Normally, students tend to rely on federal student loans to finance their education as they provide a variety of deferment options and extended repayment terms. The most beneficial student loans include Stafford and Perkins loans with the opportunity for the undergraduates to get these loans as well.

Federal Student Loans for Undergraduates

Stafford Loan

These loans have two variations:

Federal Direct Student Loan Programs are the ones which are administered by direct lending school and the US government makes them available directly to the students and their parents.

Federal Family Education Loan Program are the ones provided by the private lenders like banks, credit unions etc. Such loans are guaranteed against default.

Effective from July 1, 2007, the Stafford loans have allowed the dependent undergraduates that they can borrow up to $3,500 for their freshman year. They can borrow up to $4500 in their sophomore year. However, there are some cumulative limits of $23,000 for undergraduate education. They also offer a combined limit of $65,500 for both undergraduate and graduate.

Effective from July, 2008, the interest rates on subsidized Stafford loans have been reduced according to The College Cost Reduction and Access Act of 2007. These interest rates are applicable only for undergraduate students and only for subsidized Stafford loans.

Interest rates on the subsidized federal loans for graduate student will remain same at 6.8%. But in case of undergraduate students, there are many fluctuations expected in the interest rates of Stafford loans.

Repayment in case of Stafford loan begins after six months when a student graduates or drops below the half time enrolment. The total repayment period is 10 years. However, you can have alternate repayment terms on consolidation the loans.

Perkins Loans

Perkins Loans are awarded to all graduate and undergraduate students who are in exceptional financial needs. This is considered as a campus based loan program in which a school acts as the lender and makes use of limited funds they get from the federal government. Perkins Loans are subsidized loans as the interest rate is paid by the federal government while you are in school or having 9 months grace period. With Perkins loans, you have to pay only 5% interest rates with a 10 years repayment period. The amount you can receive under Perkins Loans is decided by the Financial Aid Office which is $4,000 per year for undergraduate students. Cumulative limits for undergraduate loans are $20,000 and $40,000 for undergraduate and graduates combined.

Pell Grants

Pell Grants award $4,310 per year to undergraduate students who have not earned their university degree yet. Eligibility for undergraduate student loans with Pell grants is based upon the Expected Family Contribution which is calculated on the form of FAFSA.

Private Student Loans for Undergraduates

There are lots of private lenders which offer loans for undergraduate students to help them complete their studies. Access group is the best choice for undergraduate students who are seeking loans to pay for schools. The Comprehensive Access Loan is basically designed for the undergraduate students although it works for other students as well and allows you to complete your program or degree at your own pace. If you remain enrolled at least part time, you have a repayment period of 10 years. With these loans, you get a nine month grace period after you complete your graduation or stop attending school.

To get approved for such loans you need:

To earn a minimum credit bureau score.


To have three years of US Established credit history in your name. Also you must include in it 4 non-student loan trades at least one opened for 36 months.

Student Loan Debt Reduction

Student loan debt reduction primarily recognizes a student borrowers' lack of ability to put down a full payment on their outstanding student loans or borrowings. Those students who have completely exhausted their interest relief under the program for Interest Relief may qualify for debt relief. Also those students who have been out of post-secondary studies for at least five years can qualify for a student loan debt reduction. This helps these students to thereby reduce the loan principal to a level that is slightly more affordable.

If the case is such that annual payments, on an average, are exceeding fifteen percent of the income of a family, then the principal amount of the student loan can be reduced. The maximum amount of assistance that can be given is the lesser amount of up to half of the loan amount, or up to ten thousand dollars. The eligibility criteria that must be met by a student who wishes to avail the student loan debt reduction are multifold. To avail a reduction it is required that the borrower must have completely exhausted all the available interest relief. The period for the borrower to repay the loan must be at least fifteen years and his or her loan must be in good standing. It is also required that the borrower must be able to demonstrate that he or she has an income that is robust and consistent enough to support the payment, post-reduction.

The student loan debt reduction is in place in an effort to recognize the rising need for trained professionals in underserved communities in the United States. This loan debt reduction comes as boon to those students who are under the intense financial burden of loans coupled with rising academic competitiveness and pressure of studies. Now more students can look towards higher studies and a promising career without the fear of large loans and repayment issues.

Bankruptcy and a Federal Student Loan

If you are looking for information on bankruptcy and a federal student loan then you have come to the right place. You may feel that your federal student loan is making your financial life hell at the moment but it does not have to be like that. Bankruptcy is and should always be a last option. What will happen if you decide to go bankrupt though is not as bad once you think about it. It means that you will have a totally fresh slate financially. Although you may be marked by a few financial organizations for a couple of years and will struggle to get money from banks lent to you.

Firstly the main thing that you need here is communication with your federal student loan company. If you do not talk to the they will not know what you want and lots of people do this. Do not be one of them and you will find a way through this difficult financial time. Talk to them and mention your financial woes and that you may even consider bankruptcy. Because they will definitely get no money if you go bankrupt because you start over again they will let you pay at a highly discounted rate just so they get something from you. Sad but true.

Then when you have completed this stage you might want to look into something like debt consolidation. This is where you get all of your student loan and other debts that you are struggling to pay and you give them to a student loan debt consolidation organization and they pay it off for you and you pay one single monthly payment over time. The charge is surprisingly small too.

Pay Off Student Loans - 3 Tips For Quickly Paying Off Your Debt

Looking for ways to pay off student loans? After you complete college, you main focus is gaining adequate employment in your chosen field. But for far too many, the stress of paying off college debt is exhausting. Entry and mid-level positions often times simply do not pay enough to quickly pay down student loans; especially when you factor in the cost of living. Thankfully there are a few solutions to help you pay down your student loans.

One is the Income Based Repayment plan (IBR). What happens is government loan officers will look at your current income and come up with a repayment plan that you can afford. People with graduate degrees often have monthly payments of over $1000. With an IBR, that payment can drop down to $300. Another upside to the IBR is if you choose to work for the government, a non-profit organization or as a volunteer, after certain amount of years you may be eligible for loan forgiveness programs, where your loan amount and any interest accrued will be forgiven.

Another option is to apply for as many scholarships and grants as you can. This is money that you don't have to pay back. Also if you work, see if your employer offers any type of tuition assistance. Many companies do, especially if the field you are studying is relevant to your current position. If you don't work, get involved in a work-study program. These jobs are usually a part of your financial aid package and the work is conveniently located on campus. Whether you work on campus or through a private employer, try to save at least half of your income in a high-interest savings account. That money will really come in handy at the end of your college education and you can apply it to your student loans.

Then there is loan consolidation. Sometimes the method of consolidating college loans gets a bad rep. But the negativity comes from programs that charge a high interest rate to consolidate. An easy way around this is to do your research. Find the best student loan consolidation program, offered at the best rates. Get quotes and be sure to read all the fine print. The only bad thing with consolidation, is usually once you go this route, you will not be eligible for any type of loan forgiveness program.

Paying off student debt is a hassle. But if you research all the opportunities available to you, you may be able to pay off student loans sooner than you expect.

Student Loan Consolidation - Get Rid Of Your Financial Problems

Student loan consolidation facilitates you in making 50% less monthly payments of what you were paying originally. Within just few steps, you can save a lot and fulfill your other desires. The few steps involved begin with the application form, which is further submitted and verified, and then you relax by leaving all the work on us. After all this, you only have to remember the date when the repayment of the student debt consolidation is to be made.

In the situation when the cost of education is growing higher and higher, the best option is to get the loans consolidated and bear the loan at low rate of interest, which is fixed until the loan exists. Consolidation program makes your life easy and stress free. You do not have to think of any other option when there is this option available.

With this program, your amount is extended to a period of 20-30 years and is repaid by making small monthly payments. Yes, low monthly payment is an important and attractive feature of debt consolidation. For choosing a lender, you need to do lots of research and select a genuine lender who offers good services and gives proper advice.

Applying for these loans can be simply done by filling an online application form and the lender does the rest. You only need to follow the steps as asked by them. For the repayment of the borrowed amount, you are expected to start the payment within 6 months after seeking the loan. Before filling in the application, collect the following information, which might help in quickly filling up the form. All you need is your personal information i.e. your date of birth, phone number, address, driving license etc. then some references along with their addresses and also the interest rate and the loan type.

Student federal loan consolidation helps the student a lot. Even when the borrower is unemployed, he can borrow the amount but within the limit of $1000-$30000 from the loan providing company. Such loans are easily approved and do not involve any credit checks or proofs. In case you are not able to arrange to make proper payments and then look for counseling, where you can get an advice, which could solve your issues in few minutes.

If a student is looking for a consolidation, then he can do it as soon as he leaves school or is enrolled for lesser than half course. Besides that, he can apply if his/her graduation is completed.

So, next time you want some more cash in your pocket then consolidate your loan with a quick online application.

Student Loan Debt Consolidation - What to Look for in a Student Loan Consolidator

If you want to make a wise financial decision upon graduation, choose to consolidate your student loans and reduce your number of monthly debt payments. Recent graduates typically have more than one Federal student loan. Multiple loans mean managing different accounts each month and keeping track of varying due dates. With a student loan consolidation, all outstanding loan balances merge into a single account. Since student loan consolidations typically offer lower rates, the monthly payments on a combined account will be considerably less. Of course, prior to making the decision to consolidate, it helps to find a good consolidation company.

How to Find a Good Consolidation Company

Picking the right student loan consolidator requires time and research. Banks and lenders constantly bombard recent graduates with consolidation offers. These offers promise to reduce monthly payments by up to 60%, which saves money. Because student loan consolidation companies are different, accepting the first offer is never a good idea. It is best to search the Internet first and compare different consolidation programs.

What to Look for in a Student Loan Consolidation Company

Even though student loan consolidation companies may aggressively seek your business, they may not have your best interest in mind. A good student loan consolidator will provide a guide or counselor to help you through the process. It is normal to have questions and reservations. A reputable company will acknowledge your concerns and provides satisfactory answers in a timely manner.

What's more, a good student loan consolidator will not hurry the loan process. Rather, they will give you sufficient time to review the terms of the agreement, and then decide whether the loan is right for you.

Does the student loan consolidation company offer flexible payment options? If not, think twice before signing the document. Federal student loans offer graduates various payment options such as a deferment or forbearance. If the borrower stumbles upon financial hardships, these options allow them to skip a few payments. Lastly, before picking a student loan consolidator, make sure that the company is accredited by the Association of Independent Consumer Credit Counseling. Accreditation means that the student loan consolidation company is reputable and competent to handle your loan needs.

Student Loans Through Bank of America

College costs can add up fast. Once you've been able to cover tuition, there are many other education-related expenses such as books, housing, food, and lab fees. With all these expenses, student loans become a great option.

Bank of America offers the CampusEdge student loan. With CampusEdge a student can get up to $50,000 per year as long as the loan total does not go beyond the estimated cost of attendance, minus other financial aid.

This money is sent directly to you, and you can defer payment until graduation, with the flexibility to make interest-only payments for up to 2 years following graduation. Principle and interest payments may be postponed for up to seven years while registered in a participating school's undergraduate program. Interest will accrue and will be added to your loan quarterly while in deferment and once at the beginning of repayment.

Bank of America makes the application process easy.

Apply online or by phone at any time, with no school certification needed.

You can apply without a co-borrower, but you may increase your chance of approval by applying with a credit worthy co-borrower.

Receive conditional approval in as little as fifteen minutes.

Funds will be sent in as few as five business days of final loan approval.

Make it easier to fund your degree. Apply today at bankofamerica.com/campusedgeloan or call 1-866-457-4080.

NOTE: Credit is subject to approval. Certain restrictions may apply. Programs, rates, terms, and conditions may change without notice.

REMEMBER: Before applying for any loan, carefully research to make sure you are getting the best deal and never sign a contract that you haven't read. Make sure you know what you are getting into. Bank of America isn't the only place to get a private loan. You may wish to check out other places as well if you want to get the lowest rate.

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Student Loan Consolidation: Best Debt Consolidation Advice

As far as debt consolidation is concerned, student loans are considered to be the basic factor which has contributed to the overall debt situation of the country as compared to any other debts. As a matter of fact, not even credit card debts have accounted for so much of the financial crisis as the student debts have. It is obvious therefore, that student debts should not be left unattended for a longer period of time. As we all know that the completion of education or attaining a college degree is perhaps the greatest moments of triumph in one's life. However, the burden of debts can sometimes make it a little difficult to enjoy these moments in the true sense. The debt consolidation services are by far the best known methods to resolve student debts. In this procedure, the entire amount of debts accumulated by the students is to be merged into a single amount and the entire range of debts is repaid in a much more affordable structure. In short, the debt consolidation procedure will combine all the debts into a single amount and the student will have the accessibility of making one payment to the creditor instead of making several payments in a row. The chances of missed payments will also get reduced drastically in the process. In addition to all this, through the process of consolidating the student debts, it is possible to save hundreds and thousands of dollars which the students would have otherwise paid to the creditors. Usually, the consolidation process involves the debt consolidation loans which are largely considered by the citizens. Although, securing loans will definitely mean that the students will have to bear interest amounts but even in that the interest amount will be one rather than smaller interest which are relatively difficult to handle.

The loan repayment tenure can also be changed with the help of a debt consolidation process and it can usually be stretched for a longer period of time may be for a 20 to 30 year time period before the debts get settled. As far as the issue of credit score is concerned, it is one of the most important determining factors for the students to step into their professional lives. The FICO scores which are calculated by the credit rating agencies go a long way in deciding the nature of employment of the students and other factors such as getting a house, car or other necessary stuff. A low credit score is necessarily bad and it will act as a major obstacle in getting ahead in life or the student will likely face an array of denials in life.

On the basis of the debt situation, the students can expect to get help through various online debt consolidation programs and the lenders may also decide to approve on the loans. The best way is to shop around for the best rates and the best lenders before opting for the consolidation options.

ACS Student Loans Consolidation - Pros and Cons Explained

Loans provided by the government have given students the opportunity to obtain a college education. But in some occasions, this has also brought many individuals and households close to financial ruin. To address this problem, services like the ACS student loans consolidation are being offered as a practical way to help people get out of debt.

For starters, loan consolidation means combining eligible student loans into a single loan. This will eventually make payments for these loans more affordable and simpler. This can lead to more savings for the borrower enabling them to manage their finances better.

Several types of loans may qualify for loan consolidation through ACS including federal unsubsidized and subsidized Stafford loans, federal PLUS loans, and federal direct loans, just to name a few.

There are few requirements to note in order for borrowers to qualify. The total loans combined should have a minimum amount of $20,000. Borrowers should have a good record of being up-to-date with their payments and none of the loans should be in default.

Only borrowers who have graduated and those under specific clauses are eligible and students currently enrolled are not qualified.

Indebted students can gain countless advantages from this kind of debt consolidation. Different lenders including ACS may differ in some terms -- but generally offer the following things.

The borrower may avail herself of longer repayment period for their loans. The package offers different repayment term options from 10 to 30 years. Monthly payments may also be fixed or varying - depending on the borrower's financial condition.

There is only one required payment every month. Borrowers just have to write a single check to a single lender. This means less hassle as the paperwork is simplified.

There are no additional fees in applying for consolidation and no prepayment charges involved.

Lastly, it allows the borrower to lock in on a low fixed interest rate for the life of the loan potentially reducing monthly payments by up to 50%.

Much like any other loan, there could be some potential disadvantages that could also result from loan consolidation. This includes a longer period for repayment and higher interest costs.

Due to the extended term of the loan, it may take a longer time to repay the loans altogether. Because of this, the accumulated interest cost over the life of the loan will result to a higher amount.

However, as the economy continues to recover, borrowers are encouraged to explore practical options such as the ACS student loans consolidation that will give them more flexibility in managing their money.

Should You Consider A Sallie Mae Student Loan Consolidation?

Sallie Mae student loans are a great way to pay for college. Sallie Mae can help you obtain federal loans along with alternative financing for students who cannot otherwise qualify. The federal loans typically have the best interest rates and payback policies. Federal loans include the Federal Stafford Loan and the Federal Perkins Loan.

The Perkins Loan is unique in that the school you attend will be the lender. Some schools will not participate in the Perkins Loan. Sallie Mae can act as the lender for a Stafford Loan, or they can act as the guarantor for the lender.

You can also get a private Sallie Mae loan if you do not meet the Federal guidelines. These loans are typically called an alternative student loan as they are personal and generally not subsidized.

Rather than going to a bank for a private loan, you should utilize Sallie Mae for a loan. The rates tend to be lower and payment terms better than you can obtain at a bank.

A federal loan has certain income and grade point restrictions. A private loan generally will not have as many restrictions and will allow you to borrow more money. The primary concern here will be with your credit score.

Many students find that they need more than one loan to pay for college, some of the loans have different interest rates, terms of payments, and payment dates. These students find that it may be advantageous to consolidate all of their loans into one Sallie Mae loan. This may, or may not, be the best thing for your situation. If you decide to consolidate your loan you may end up paying a higher interest rate, or change the terms of your loan, where the interest is now due, when previously you had an interest deferred loan. Once you consolidate your Sallie Mae student loan, you cannot go back and change it to the way it previously was.

Also, you may no need to consolidate your loans in order to get lower interest rates and one monthly payment. Sallie Mae can combine the payments from the various loans, both federal and private, into one convenient monthly payment without having to consolidate your loan.

Check with your lending institution, they can provide you with the information you need in order to make an informed decision. A Sallie Mae student loan consolidation may be the best solution for you.

The Truth About Student Loan Consolidation

You did it
Finally, you've completed your education and now you are facing a mountain of student loan repayment notices. They might or might not be from the same lender, and possible they come from more than one degree from different universities. Right now you should be considering consolidation of student loans that dry out you wallet.

Necessary evil
Student loans are a necessary evil for students who can't afford to pay for their education expenses. It is definitely a better alternative to loan money, than it is to charge a credit card with shameful interest rates. But when those interest statements and payment notices start coming in you mail, it can be a bit scary.

Extra money
Remember the semester where you had to borrow a little extra money? Maybe you could not work as much in that period or because of other reasons. You got to eat right. Food is one of those things that you simply cannot live without. Unfortunately, not all that money was spent on necessities. Be honest now. Which is why you're properly now are facing your student loan statements in total denial. I am sure it was a fun time back then.

Avoid paying more interest
Of course you have already received solicitations from lenders that have their main focus on consolidation of student loans. You should consider this. Avoid paying more interest than you have to. One thing you must do before you consolidate student loans is to research the market and pick the best option.

Federal law
Federal law mandates that a borrower have to consolidate with the lender that lends the loans if the borrower has all loans with the same lender. If they are held by more than one lender, the borrower is free to consolidate with any of the lenders that are in the federal student loan consolidation program.

Consolidate once
Borrowers may only consolidate once. Depending on the lender there may be additional fees involved. Some companies advertise absurdly low interest rates or reduction of payment, fast approval, or other incentives. Be aware of them and make sure you read the fine print on all your offers for consolidation of student loans.

The student loan consolidation solution
Consolidation of student loans may sound like it is difficult, but it is not. If all your loans are held at the same lender it shouldn't be hard. Like student financial aid that has come from Department of Education or Sallie Mae Loans are easy to consolidate. The process can be started online for your convenience. There are some good incentives offered: reduction of interest rate up to 2% after 24 repeated withdrawal payments. Consolidation of student loans is a vital financial decision. Select it with as much care as when you picked a college major and applied for a student loan.

Wells Fargo Student Loan Consolidation Tips

During the course of your college years you can accumulate debt through various types of student loans. A stafford loan is the most common student loan available, it can be subsidized or unsubsidized and repayment is usually done in 10 year periods.

You do not start paying back your student loans until you are either out of school completely for 6 months, or 6 months after you have dropped below part-time status at a college or university. There are other options for paying back your loans such as forbearance and deferment. With a Wells Fargo Student Loan consolidation you could extent your loan up to an additional 20 years, and you could potentially lower your payments to half what they are now with consolidation.

Among the many banking services that Wells Fargo offers is a Wells Fargo Student Loan Consolidation option. You can consolidate your Federal student loans and other loans that you have for school in one easy payment. Most federal student loans can be consolidated, but keep in mind though that it is up to Wells Fargo which of your loans are eligible.

It doesn't matter if your Federal and personal loans that you originally had were from Wells Fargo or other lending companies, you can combine them into a Wells Fargo Student Loan Consolidation loan. If you consolidate your variable rate federal loans during your grace period, you could save hundreds or even thousands of dollars. With it you won't get charged for any origination, at disbursement time, and if you decide to pay it off early you will not receive any charges then either. There is also no minimum loan balance required to consolidate your loans with Wells Fargo.

Some factors to keep in mind when applying for a Wells Fargo Student Loan Consolidation loan include the fact that you can add eligible federal loans to yours during the first 180 days after disbursement. An important thing to remember is that if you are past the 180 days, you can reapply for another loan. If you apply for another consolidation loan there will be a chance of an interest rate change, which means you'll be paying a higher interest rate. It also may affect the term (length) of the loan.

It can take up to 2 months for your loan application to come through when applying through Wells Fargo, this is normal, and during that time you should make your regular payments until we let you know what your new payment will be and when you should start making them. Every person that wants to get their loans consolidated will have to apply on their own. They are not used to consolidate spouses student loans.

The benefits of it are that there's no minimum loan balance required to consolidate your loans, while working with Wells Fargo you will get personal attention. You will also get online access to your account so you can easily make payments on your loan. With all the options available it is difficult to find a better option for student loan consolidation.