Student Loan Consolidation Centers Have These Key Common Options And Features Outlined Below: * Student loan consolidation centers have payment options that are flexible. * There are no fees or any other charges or early payment or deposit penalties. * Does not require that one be checked for his/her credit or that one should have a co-signer. * Offers minimal rates of interest, presently 1.625% fixed interest for the period of the student’s federal loan; at present, the rate being offered by the “Department of Education” is 3.37%. Tip! New Interest Rates. With a new student loan consolidation, you may be able to get a much better interest rate. * A student can cut their payment every month by a maximum of 60% using student loan consolidation centers. * During the time of the grace period, there is a maximum of point 6% in interest rate that is deducted for consolidating loans or student credit refinancing. * One can get an added 0.25 % rate discount with student loan consolidation centers using auto debit. * Students having “Federal Direct Loans” are capable of consolidating by means of the “Federal Loan Consolidation Program” provided by the government, while still attending school. Tip! Having Simple Loan Payments. By consolidating your student loans, you only have one loan payment per month and one check to write. * A student qualifies for a maximum of 1% reduction on interest rate after paying on time for thirty six consecutive payments * A student is able to keep or maintain all assistance and allowances concerning Federal or State benefits allowed to its borrowers such as delay or deferment and forbearance. What Are The 6 Key Student Loan Consolidation Facts To Consider? 1. Student loan consolidation programs are never identical between lenders, with variations in grace periods, interest rates, late payments penalties, and loan repayment period. 2. Students must only consolidate loans which are variable or changing rates, such as the Stafford Loans, and never fixed-rate loans such as Perkins loans. 3. Interest rates for students that are already adults going to college or that they are on their way in their sixth month grace period will increase; Rates previously at 2.77 % will rise to 4.66 % starting July 1. Rates will have an increase from 3.37 % to 5.26 % for debtors that are paying their loans. 4. To lower your student loan cost and its interest rate, you can choose not to consolidate all your available student loans. You can include unsubsidized loans only or leave out loans with high interest with a low loan balance. In order to help decide which loan options are suited to you, consult and seek advice from your lender student loan consolidation center. Tip! In looking for student loans, you will want to determine exactly what types of student loans may be available to you at any given point in time. To this end, if you have selected an institution of higher learning to which you will be enrolling, contact the financial aid office at the school. 5. Married couples with a wife/husband with outstanding student loans can opt to merge or bring together consolidation of the loans. |
