Are you behind on your bills? Do you have more than one student loan?
If you answered “yes” to either question there are some terrific opportunities for you to lump your debt together with a government student loan consolidation. Please read on for more information.
When you graduated from school, more than likely your first job was low paying and your expenses were high. It is not that uncommon for students to rack up bills of 30, 40, or 50 thousand dollars or more in debt, just to the school.
Car payments, credit cards bills, and everyday expenses can push your debt levels up through the stratosphere. Time to think of getting some help. Time to consider government student loan consolidation.
What is government student loan consolidation exactly?
It is a loan which allows for you to take multiple student loans, pay them off, and make monthly payments to just one lender. Why can this be a good option for you?
Well, if you have four loans to four different lenders due at four different times of the month, it can seem as if you are always paying someone back for your schooling.
Also, try keeping track of all this with your hectic schedule. Between work, family, friends, and all of life's responsibilities wouldn't it just be easier to have one simple payment to make?
Yes, it would.
Another good thing about a government student loan consolidation is that you may be able to lower your interest rate, extend your repayment time, and take out little extra money to pay back other creditors. Maybe you have a credit card payment running you 19% interest. If you got a loan at a rate for half that rate, you would save money, right?
Yes, you would.
Where do you go to for a government student loan consolidation?
Search the internet!
Leading companies are advertising their services to consumers and they are anxious for your business. Shop around and find the consolidation loan that is best for you. Some things to keep in mind:
1. Loan Amount. Will the company pay off all of your student loans, or a portion of what you owe? They may want to see pay stubs and other proofs of income first.
2. Loan Rate. Will loan rate be fixed or will it be variable? You may want to lock in a long term fixed rate to assure that your monthly payments remain stable.
3. Loan Term. Can you deal with paying back a your government student loan consolidation for as long as twenty years? Are there any prepayment penalties? What if you were to default on your loan? What then?
All in all, you have options to pay off your student loans that generations never had before. A government student loan consolidation may be right for you.
About The Author Mark Lambie is the founder of http://www.the-loan-house.com a website that allows consumers to quickly and easily get mortgage information.
Government Student Loan Consolidations: Is It The Solution For You?
Students across the country are jumping on the government student loan consolidation bandwagon.
And for good reason!
Whether you are still in school, a graduate, unemployed or comfortably employed you can save thousands through a government student loan consolidation by locking in record low interest rates before they go up. If you need to reduce your monthly student loan payments by extending the amount of time you have to pay your debt, a government student loan consolidation may be the solution for you.
If your loans are in default you may still reap the benefits of a government student loan consolidation. Benefits include protecting your credit rating, saving money by locking in lower interest rates or lower monthly payments. On the other hand, a government student loan consolidation may not be the answer for you if you’re nearing the end of your repayment term.
There’s not a lot of ‘cents’ in spending your valuable time rearranging your loan portfolio, especially if it means extending the amount of time you have to pay off your debt. If you can manage your existing monthly payments stick with it because you will save money over the long term. If you have more than one student loan, a government student loan consolidation will allow you to combine all of them into one monthly payment while locking in a low interest rate.
Ultimately, your debts will be easier to manage. To help make the repayment process easier and more attractive, there are four government student loan consolidation plans for you to choose from.
Standard Plan: The standard repayment plan offers a fixed-rate plan with monthly payments of at least $50 for up to ten years. Borrowers pay less interest under this plan because the repayment period is shorter.
Extended Payment Plan: The difference between this plan and a standard plan is monthly payments are extended over a period of 12-30 years. If you have a high debt load this may help you reduce your monthly payments but the longer you take to clear the loan, the more interests you will pay.
Graduated Payment Plan: Under this plan monthly payments start out low and increase approximately every two years. The repayment period can be from 12-30 years depending on your debt load.
Income Contingent Repayment (ICR) Plan: Your monthly payments via this plan are based on your income, family size and loan amount. Take the time to compare the cost of repaying your unconsolidated student loans against the cost of paying a government student loan consolidation.
It’s in your best interest to explore your government student loan consolidation options.
Consult https://loanconsolidation.ed.gov and participating lenders to discover if government student loan consolidation is the right choice for you. If you decide consolidating your student loans is in your best interest, taking the time to compare what participating lenders offer could save you lots of money.
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