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
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
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
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:
- Interest rates
- Repayment schedule
The areas where lenders differ are:
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
StudentLoanwhiz.com website. Your most comprehensive source for student loans, financial aid, scholarships and
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