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Student Loan Consolidation Program


What is The Student Loan Consolidation Program?
Once you have acquire financial aid, complete your college education and graduate, you move on to the next phase, called real life!

This is where you get a job, hopefully a great paying job that you love, and then start paying bills.

Did I mention bills?

Those are the dastardly little monthly interruptions in life that the majority of people hate paying but have to.

One such bill or bills you will have to pay is your student loans. Interestingly enough, student loan debt has surpassed credit card debt as the number on source of debt in America.

If you are like a high percentage of graduates, you have multiple student loans. Juggling multiple student loans can be a pain in the butt, to say the least.

You end up with different due dates, different lenders, different interest rates and of course, different grace periods.

The path out of that madness is the Student Loan Consolidation Program.

This program affords students who have more than $10,000 in outstanding Federal student loans (including PLUS loans) to reduce monthly loan payments by locking in a lower fixed interest rate. Check out our detailed information regarding the Student Loan Consolidation Program…

What Are The Benefits of The Student Loan Consolidation Program?
There are a number of benefits accrued when consolidating your student loans:

  • You get a fixed interest rate
  • You get a low interest rate
  • You end up with one monthly payment
  • You only have to deal with one lender
  • You save money of fees over the life of the loan
  • There are no prepayment penalties
  • You can invest the money you save
  • Student loan consolidation offers a tax deductible interest

Those benefits alone make this program a great deal for qualifying students. One of the greatest benefits of consolidating your student loans is that you can invest the money you save.

Think about it, you’re already used to seeing that money go bye bye; instead of spending it, many student loan borrowers have gotten wise and are investing their savings. Over time those funds can accumulate into a nice sum of money; especially if you invest it wisely.

Factors to Consider Concerning The Student Loan Consolidation Program
In order to decide whether to consolidate your student loan or not, you should become familiar with the factors that affect this decision. The most important ones are in regard of the interest rates, the duration, the type of Student Loan, the monthly payments and so on.

  • What are your current interest rates?
  • What monthly payments I can afford?
  • Are my current student loans variable or fixed?
  • If my current variable loan payment(s) increase, can I afford them?
  • What is the duration of the Student Consolidation Loan?
  • What is a Private Student Consolidation Loan?
  • Can a Private Student Consolidation Loan be paid off early?

Are all Student Loan Consolidation Programs the Same?
As the old adage goes, “Buyer beware!” Not all lenders who participate in the Student Loan Consolidation Program are alike. First of all you need to know, some conditions are the same with all lenders, such as:

  • Eligibility
  • Interest rates
  • Repayment schedule

The areas where lenders differ are:

  • Service
  • Credibility
  • Incentives

Some lenders have a less that stellar record for servicing their student loan borrowers; this includes but is not limited to: poor customer service, billing issues, etc. In addition, due to the competitive nature of the student loan business, some lenders offer much better incentives than others.

That’s why you’ll need to shop around. And finally, some lenders are simply on shaky ground’ recently a number of lenders closed their doors due to a tight money market. You don’t want to waste your time with a student loan lender who is not sure if they are going to be around before your loan is approved.

All in all, consolidating with the Student Loan Consolidation Program gives you the opportunity to reduce your monthly student loan payment. For more information on consolidating your student loans, search the website. Your most comprehensive source for student loans, financial aid, scholarships and grants.

Brad Matheson is a professional Financial Consultant who specializes in helping businesses and individuals resolve their debt issues. He believes that all debt problems can be solved with the right debt advice and aspires to help Americans learn all of their debt options and exercise all of their rights. Says, Matheson, “Don't allow the Student Loan Debt crisis or a Defaulted Student Loan to hinder or block your career aspirations or stymie your financial dreams, There is Student Loan Help available!”