SHOULD YOU CONSOLIDATE YOUR STUDENT LOANS?
Student loan consolidation is very often confused with student loan refinancing. I'm breaking down the difference between student loan consolidation and refinancing, how they impact you if you have only federal, only private, or both private and federal student loans, and why may or may not want to do them.
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How & When To Consolidate Your Student Loans | Student Loan Planner
Wondering how and when to consolidate your student loans? You’ve come to the right place!
In this video, you’re going to learn:
How to determine if you should consolidate your student loans
How to consolidate your federal student loans
How to consolidate your private student loans
A tutorial on where to go online to consolidate your federal loans
If you’re looking for more information on how and when to consolidate your student loans, check out this blog post on our website:
Got questions on consolidating your student loans? Leave a comment below!
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We connect you with private lenders that will refinance your loans at a lower interest rate. You'll also get a cashback bonus.
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When Is It Smart To Consolidate Student Loan Debt?
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Student Loan Repayment Options
Understanding how to repay your federal student loans can save you a lot of time and money. There are several repayment plans available, providing the flexibility you need. For more details, visit
Topics this video will cover:
0:18 – Loan consolidation
0:41 – Which repayment plan should you choose?
0:49 – Standard 10-year repayment plan
1:03 – Graduated repayment plan
1:23 – Income-driven repayment plans (REPAYE, PAYE, IBR, and ICR)
1:53 – Recertifying your income-driven repayment plan
2:25 – Using the repayment estimator
2:52 – How to make a loan payment
3:20 – Finding out who your loan servicer is
3:27 – Auto debit benefits
Biggest Mistake with Student Loan Consolidation
The biggest mistake people make when it comes to loan consolidation. Don't consolidate your student loans after you've made payments towards your forgiveness unless you want to reset your clock!
Federal Student Loan Consolidation Important Things to Consider
There are many important details that need to be considered when thinking about consolidating your Federal Student Loans. Learn 5 important questions you need answers to when considering Federal Loan Consolidation.
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Helpful Links Referenced in the Video
Pros and Cons Federal Student Loan Consolidation
Hello Friends!! It’s me Haitian Kris!! For many students college
graduation is around the corner. YAY!! Typically, after graduation you are given a 6 months forbearance and/or deferment. During your 6 months, you maybe thinking about consolidating those FEDERAL STUDENT LOANS. According to research, 6.9 million student loan borrowers are in default. Well I want to help you not become a statistic. During this video, I will discuss the Pros (in red) and Cons (in blue) to the FEDERAL STUDENT LOANS Consolidation program. Please consult with your representative about the best options/programs for paying back your loans. Better yet DO your own RESEARCH! Don’t forget to check my other videos TOP 3 RECOMMENDED BOOKS FOR FINANCES, COLLEGE 101 AND TOP 6 TIPS FOR FINANCIAL SUCCESS IN LIFE!
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Consolidating Federal Student Loans
Adam S. Minsky, Esq. established the first law firm in Massachusetts devoted entirely to assisting student loan borrowers, and he remains one of the only attorneys in the country with a practice focused exclusively in this area of law.
In this CLE class video clip, Adam explains ways of consolidating your federal student loans.
Another option for resolving federal student loan defaults is federal student loan consolidation. The way this works, is a borrower obtains a new federal loan. The new federal loan, then pays off the old federal loan and begins to make payments on the new federal student loan. However, you do not only have to consolidate defaulted federal student loans, non-defaulted federal loans can also be consolidated.
If the borrower does decide to consolidate their federal student loans, and there are any loans in default, the borrower is required to select the income-based repayment plan. For most borrowers that are in default, the income driven plan is best anyway, though if you do not have any defaulted loans, a borrower can chose any of the other repayment plans available.
Federal student loan consolidation is a shorter process than the loan rehabilitation programs and only takes about 30 to 90 days to complete. On a borrower's credit report, the old student loans are marked “paid in full”, and the new loan is listed separately.
Collections costs involved in loan consolidation will get capped at 18.5%, more than the 16% under rehabilitation, but evens out in the end, as rehabilitation runs 9 to 10 months. Like rehabilitation, loan consolidation is a one shot deal. If a borrower goes back to school and gets another student loan, they can not consolidate the new loan with an already consolidated loan.
If you choose to consolidate your federal student loans into a private loan, you can't get back in and lose access to all of the safety nets you have with the federal student loan system. The lower interest rates make it tempting in many cases to do this, yet one must remember this is a one say street out of the federal loan program. Once you consolidate, or turn a federal loan into a private loan, that's where the loan stays until it is paid.
Need to Consolidate Federal Student Loans? Here's the 1st step you need to take.
Federal student loans can be consolidated and you can get a $0 monthly payment on your new income-driven repayment plan. Paul J Paquin instructs you on how to check if you qualify for a $0 monthly payment and on how to get an estimate of what your new income-driven repayment will be.
For complete details on how to consolidate, get on a low payment and get loan forgiveness (all on your own) – visit Golden Financial Services at:
Here's the federal student loan repayment estimator tool:
#consolidate #fedearl #student #loan #debt
#government #studentloans.gov #federal #repayment #estimator
Student Loan Consolidation - Federal Loans
Eliminate the confusion and stress of consolidating your federal student loans. Discover the advantages of consolidating your federal student loans.
How to consolidate your student loans for FREE!!! It's super easy!
Consolidate My Student Loans | What the banks don't want you to know!
consolidate my student loans -
studentdebtcrisis.org to do your own consolidation or call 888-894-0777 for assistance.
Nowadays, education can be an expensive endeavor financially. Many students are getting financial aids to fund their college study. Although there are students getting scholarships, most students who don't get the free money need to apply for private student loans to pay for their education. These private student loans may charge high interest rates and can be a financial burden to these students that don't earn high enough income to repay the loan after their graduation. It is well worth for those who have taken multiple private student loans to look into the options available for consolidating their loans into low interest rate to get 2 benefits with one solution: ease of debt management and pay less in total interest with a loan at low interest rate. Here are the 7 steps of consolidating private student loans: (
Step 1: List all the outstanding private student loans
Before finding for consolidation loans, you have to know the total amount you owe in the loans, the interest rate of each one and the monthly payment amount, etc. List them in the order from highest interest rate with largest amount to the lowest. Just in case you can't find a consolidation loan to get rid of all accounts, paying off the amount owed with highest interest rate with larger amount will save you more interest.
Steps 2: Review the terms of each private student loan
Some student loans may cost expensive prepayment penalties. Therefore, you have to review the terms of your current loans. Record down the penalties and the charges that will cost you if you settle them earlier than the terms specified in the agreements.
Steps 3: Clean up your credit report
Your credit rating will determine the interest rate, the amount and the chance for your loan application to be approved. Therefore, you need to make sure your credit status is up-to-date and no error found in your credit report. Before you apply a loan, get the credit reports from 3 common credit bureaus and review the report. If you have paid off a debt, but it is still listed as unpaid balance, it can significantly affect your credit score. You have to request any error found in your credit report to be corrected so that your credit score truly indicate your credit status.
Steps 4: Define the objectives of consolidation
What are your objectives of consolidating the private student loans? If your goal is to lock the loan at a fixed low interest rate and you own a home, you might want to consider a home equity loan. Or, the current total monthly payment cause a financial burden on you and you want to reduce the monthly payment. In this case, you will need to look for a loan that has repayment term that is long enough to reduce the amount that reaches your comfortable level. But, be aware that the longer you take to pay off a loan, the more interest you have to pay.
Steps 5: Decide on a consolidation loan
Once you know what you need in achieving the goals of consolidating private student loans, you can start look for a suitable loan from many offers in the market. Compare them in term of costs, interest rates and other benefits before deciding the one that meets your requirements.
Steps 6: Short-list and contact the lenders
After reviewing the offers that meet your objectives of consolidating private student loans, short-list a few of the best offers. Then, contact the lenders to get further details. You may negotiate to lower the interest rate when meet up the lenders. If you have credit history, they may agree to offer you with cheaper rate in order to secure you as their customer.
Steps 7: Sign up a consolidation loan
Once the loan is approved, review the fine-print of the agreement before accepting the loan. Then, use the loan to pay off the private student loans and make the monthly payment on time until it is paid off.
For more advice and information on Student Loan Debt Consolidation, Student Loans, Federal Loans and Stafford Loans, visit studentdebtcrisis.org to do your own consolidation or call 888-894-0777 for assistance.
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Best School Loan Consolidation Options
Best School Loan Consolidation Options
1. Federal loan consolidation
2. Private loan consolidation
Federal loan versus Private - The Difference:
Federal loan consolidation is a tool to refinance federal education loan only while Private loan consolidation is a way to refinance private education loan only. The main difference is that a federal loan consolidation comes with a fixed interest rate while private loan consolidation comes with a market rate that may be fixed or variable.
If you consolidate both federal and private loans, you should make sure to keep them separate, i.e. refinancing a federal loan with a private loan will most likely result in a much higher interest charge, if compared to the amount you would pay by keeping them separately.
Our Advice: Research thoroughly about all consolidation options first and only then choose to consolidate your school loans.
How To Avoid Student Loan Scams
Student loan scams are hurting borrowers can cost billions every year. Sadly, too many people are falling for these scams. Learn more about these student loan scams here:
In today's video, we're going to talk about the three most common types of student loan forginvness scams, and how you can avoid them.
Remember, you can do almost everything with your Federal loans for free at StudentLoans.gov, or by calling your loan servicer.
You never have to deal with a third-party company if you don't want to, but if you choose to use a third-party for help, here's what you need to know:
- Advanced Fee Scam: You should never pay for up front help. If a company is asking for an up front fee, ask if its going to go into an escrow account and make sure that the company only gets paid when the work is completed.
- Student Loan Consolidation Scam: A big student loan scam involves student loan consolidation. Student loan consolidation can be done quickly in about 20 minutes for free at StudentLoans.gov. If you're paying a third party for help with your loans, you need to make sure that they actually complete the process.
Too often, companies charge a fee, and simply don't do anything and the borrower doesn't realize until it's too late.
- Lawyer and Lawsuit Student Loan Scam: This scam involves a company claiming to be a lawyer who will settle your student loans. Usually, the law firm asks that you stop making payments to your lender, and instead make payments to the law firm.
However, there is never a guarantee that your lender will settle (and it's very, very rare). What typically happens is the borrower ends up even worse in debt, a ruined credit score, and meanwhile the law firm kept the fees.
Based on talking to consumers for several years, these themes have emerged as big red flags to look for:
- Any company that claims to have a relationship with the Department of Education (third-party companies do not have any relationship with the Department of Education)
- Any company that promises you a set payment or forgiveness (companies cannot promise forgiveness or guarantee an income based repayment because both will change based on your income)
- Any promise of immediate loan forgiveness or cancellation
- Any promise that a buyer will buy the loan and settle it for a set amount
- Any promise that because your school closed or is being sued, you an get forgiveness
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Student Loan Repayment Plans for Federal Student Loans
This video provides an overview of the different repayment plans that are available for federal student loans in the United States. The standard repayment plan calls for equal payments made over a period of 10 years, but student loan borrowers may choose an extended repayment plan over 25 years (creating a lower monthly payment but paying more in interest over the life of the loan) or a graduated repayment plan (starting out with a low monthly payment and increasing the monthly payment over time). Student loan borrowers may also apply for an income-driven repayment plan, such as Pay As You Earn, Revised Pay As You Earn, Income-based Repayment, and Income-contingent Repayment. These plans over loan forgiveness of the remaining student loan balance after a period of 20 or 25 years. Some of these plans, however, might result in negative amortization (where the loan balance actually increases because the monthly payment is less than the monthly interest accrued) so borrowers should think carefully before selecting a plan. Borrowers who plan to use the Public Service Loan Forgiveness program should seriously consider choosing one of the income-driven repayment plans. Some types of loans aren't eligible for certain repayment plans (e.g., a parent PLUS loan isn't eligible for certain income-driven repayment plans) so check with your loan servicer to see if your loan type qualifies for the repayment plan you have in mind.
This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.
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The BEST Strategy for Paying off Federal Student Loans FAST (It’s not what you think!)
If you've ever wondered What student loan should I pay off first? or What's the best way to tackle my student loan debt?, then this is the video for YOU! Here's the BEST strategy for paying off federal student loans FAST! Trust me, it's not what you think!
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Student Loan Consolidation
This video discusses repayment options for federal student loans, how to consolidate student loans, and how consolidation so you can save money by lowering your monthly payments.
#GradSchool101 - Federal Student Loan Programs
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Most people going to graduate school take out some student loans to help them cover the cost. In this episode, our experts discuss why you should fill out the FAFSA and apply for federal student loans even if you don't think you'll qualify for or need them. Our experts also shed some light on two helpful repayment programs: Income-Based Repayment and Public Service Loan Forgiveness.
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What are the key differences between consolidation and rehabilitation for federal student loans?
What are the key differences between consolidation and rehabilitation for federal student loans? | Christie Arkovich, P.A. | Legal Solutions for Consumers | | Christie D. Arkovich | Barbara C. Leon | (813) 258-2808 | 1520 W. Cleveland St., Tampa, Florida 33606
There are several differences with consolidation and rehab to cure a default on federal student loans. The first, and probably foremost, is timing. The rehab takes nine months, where a consolidation is only 45 days. If you're in a hurry, obviously, consolidation will be better. Consolidation is also better if we want to change someone's loan type so that we might be eligible for a better income based program or eligible for one at all, for that matter.
A rehab is a little bit better for someone's credit if you ultimately want to purchase a home because it does remove the default. The late pay stay on your credit but the default is removed, unlike a consolidation. There are some other differences as well. It's important to know those differences and pick the right option for you if you need to cure a default.
Student Loan Consolidation Made Easy
Understanding what refinancing and consolidating really mean can be confusing, but the important thing to know is that they can be a great way to save money. Whether you have federal student loans or private student loans, check out this video to understand your options for ways to consolidate your loans in just minutes. Our presenter, Ali, is a member of the team here at CommonBond, a student lending platform that is reimagining the student loan experience by delivering lower rates, superior service, and an easy online application. Learn more at
7 Compelling Reasons To Get Federal Student Loan Consolidation
Fast Track to Student Loan Consolidation Consolidation isnt a foreign word and its not too big of a word to understand. Consolidation is easy. It combines all of a students loans into one payment. Its that simple. Its easy as pie and will let you breathe easier too. Student loan consolidation is convenient and allows you to combine all your loans. In addition, consolidation is no longer only geared toward federal loans. Now students also can consolidate their private loans.
Student loan consolidation Tired from paying interest on student loans every month, afraid of the deadline of paying back loans, there is a solution of your tensions, STUDENT LOAN Consolidation. In student loan consolidation, a student may enjoy many benefits; some of them are following below.1. lower monthly payments 2. only one monthly payment rather than paying separately 3. Student loan consolidation rates are very low, fixed interest rate cannot exceed 8.25% at any time, coupled with national interest rates at a 40-year low.4. For the application of student loan consolidation, you dont have to offer any credit card check or processing fees.5. the terms and payment plans of student loan consolidation are very flexible, the provider can mode them according to your financial needs 6. While you don't need to consolidate in order to take advantage of this one, you can knock an additional .25% off your rate by making your monthly payment electronically. This electronic debit option does more than save you money - it decreases your chances of forgetting a payment.7. The option to prepay your loan at any time without incurring a penalty Sometimes a student got confused about the qualification of applying for student loan consolidation. But now government clears that students who are still in their grace period or cannot re pay their owe money on a student loans can qualify to get student loan consolidation or those who are still in school may consolidate their government-guaranteed loans Now Is the Right Time to Consolidate Student Loans Students graduate from college with that prize possession: the much-anticipated college degree. Then there are those students who graduate college with that added bonus: a stack of student loans. While searching for the ultimate job, the last thing a student needs is worrying about how to pay off a ton of student loans. Today in the market, there are many companies offering student loans to the college students, but when it comes to their interest rates, they are charging very high. A student has to pay interest on their loans, every month, which is quite impossible for some due to lack of money and time. When it comes time to pay back their student loans, it can be a real burden and a distraction from their career. For those, student loan consolidation is a best deal and step to follow. In this, you dont even get low interest rates, but can enjoy other facilities including grace period of six to nine months, only one monthly payments, tension-free mind etc. Due to existence of government sector, a student has an opportunity to enjoy the offers given by the government as they are quite competitive than private. Student loan consolidation rates is fixed and cant be changed after signing the contracts and whenever student has graduated or ceased to be a full time student, he can also enjoy the benefit of grace period of six to nine months which allows him to get employed and repay their loans easily. With federal student loan consolidation, rates are fixed. Students also can take advantage of deferment, forbearance and cancellation options.Another highlight of student loan consolidation is the extension of payments. Many students find they can extend a 10-year repayment plan to as long as 30 years. This depends on a borrowers balance, so its important to check out the options. Student loan consolidation offers students the same interest rate on the same amount, but for a longer term, hence better affordability.
Federal Student Loan Consolidation Process
You are just a few clicks away from SAVING MONEY. Consolidate your federal student loans today and lower your monthly payments BY AS MUCH AS 65%.
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Federal student loan consolidation
The cost of higher education continues to rise. Many students are unable to afford to finish college. Because of this, Student Loan Consolidation has been made available to students. Student Loan Consolidation is multiple loans combined into one loan. The U.S. Government and the Department of Education has developed Federal Loans to help students pay for their higher education. These loans allow the student to combine their federal loans into one loan. By paying one loan theyre paying one creditor.
Federal student loans are provided by the U.S. Government and the U.S. Department of Education. The Federal Direct Student Loan Program (FDLP) and Federal Family Education Loan Program (FFELP) have been developed to help students and parents consolidate their loans. These two programs allow students to consolidate PLUS Loans, Federal Perkins Loans and Stafford Loans. Students get lower monthly repayments and a longer payment period. These loans usually provide lower interest rates and fees. For these programs, the fixed interest is usually the weighted average of the interest rates of the loans that were consolidated. Congress set the formula for the federal interest rate. Federal programs give graduates longer repayment periods. A student can have a repayment period from 10 to 30 years.
There are two Programs for Federal Loan Consolidation:
•The Federal Family Education Loan Program (FFEL) was a result of the Higher Education Act of 1965. The program is funded by private and public partners. FFEL also makes use of government funds and private companies. The private companies that fund this program receive subsidies from the government.
•The William D. Ford Federal Direct Loan Program (FDLP), commonly known as Direct Loans. With this particular program, instead of the Government or a private company, the U.S. Department of Education acts as the creditor, handling the students loans.
Federal Loans have three types:
•The Perkins Loan is a consolidated loan provided by the U.S. Department of Education for college students. It has a fixed interest rate of 5% for a 10 year repayment period. With usual consolidation companies you are required to start repayment after six months of graduation. With the Perkins Loan you have a nine month period after graduation. The loan limits for undergraduates are $5,500 per year with a lifetime maximum loan of $27,500. For graduate students, the limit is $8,000 per year with a lifetime limit of $60,000.
•Stafford Loan offers a lower interest rate but has strict eligibility requirements and limits. There are subsidized and unsubsidized loans. With Subsidized loans the interest is paid by the Federal Government. For Unsubsidized loans, the students pay the interest. Examples of Stafford loan companies are Sallie Mae, JP Morgan Chase, Citibank, Bank of America, and Wachovia Education.
•A PLUS Loan is for parents and graduate students. To be eligible for this loan, the parent or graduate student has to pass the credit check. Usually interest rates are higher. This loan allows the parent to make use of the total cost of the college fees such as tuition, room and board.
How to Manage Your Student Loans
If you're having trouble making payments on your federal student loans, we have several options available to help you manage your debt. Check out this video to learn more about changing repayment plans, postponing or reducing your payments, or combining your federal student loans. Visit to learn more.
How To Know If You Should Consolidate Your Student Loans
If you owe a ton of money on your student loans and to multiple lenders, the idea of consolidating them into one new loan can seem very tempting. You’ve probably seen ads from debt consolidation companies extolling the virtues of a debt consolidation loan. They usually focus on the fact that if you consolidate, you will have only one payment to make every month instead of the multiple ones you’re making now. And that payment will be “dramatically” less than the total of the payments you’re now making.
This is all true but before you decide on a debt consolidation loan, there are some important things to consider.
Let's discuss some of your options and see what is best for your situation.
If you need help with student loans, National Debt Relief offers a free student loan consultation that can help you select the right repayment program to make your student loan payments easier. You can call 877-795-1977 or visit today.
DONT PAY FOR THIS SERVICE!!! Student Loan Consolidation & Payment Reduction Program
There are countless ads online from companies offering to help you manage your student loan debt for a fee. Although the U.S. Department of Education does offer some legitimate student loan forgiveness programs that can lower your monthly student loan payments, you should know that these programs are all free to apply for. So, don’t pay to apply for loan reduction when you can apply for free! In my case, I paid $900 for a service that is free. Again, do not pay any company to help consolidate your student loan.
Student Loan Debt Refinancing Explained
Student loan refinancing has become really popular. But does it ACTUALLY help you pay off debt? Here's my simple and EASY explanation of student loan debt refinancing. Comment below if you have done this or are considering refinancing.
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5 Things to Know Before you Consolidate Your Student Loan
Student loan consolidation has great benefits, but it often looks like a complicated process and scares people. There is nothing to be afraid of, it is actually much simpler that you think, but to get the most of your consolidation loan you need to know several important things.
1. How to find the best student consolidation loan rate.
According to FFELP (Federal Family Education Loan Program) guideline lenders calculate your rate as an average of your existing loans' rates.
They are not allowed to offer you a lower rate and compete for that. So there is really no point to searching for a lender with the lowest rate.
However, many lenders offer great rate reduction discounts. Usually you get a discount after making several payments on time or if you set an automatic payment from your bank account. When using online calculator, most lenders give you your rate after the discounts. So you will have to be careful and read all conditions of your new loan to make sure that you are eligible for the benefits.
2. How many times can I consolidate.
Usually you can only consolidate your loans once. That's why it is important to do your home work and select the right lender the first time. There are two circumstances when you can reconsolidate your loan. First, if you decide to study more and take additional loans. Second, if consolidating the first time not all your previous loans have been captured. This is theoretically possible, but in practice happens very rarely. Debt consolidating companies are usually pretty good about including all your outstanding loans in a new loan.
3. What repayment plan to choose.
Most companies offer at least two repayment plans - standard and graduate. They may be called differently by different lenders, but the general idea is the same. The standard plan is the most simple - your monthly payments are the same for the life of your loan. With this plan you usually pay the least amount of interest.Graduate plan supposes that at first your monthly payment is lower; it can be low for 12 or 24 month. But your later payments are higher. This plan is perfect for graduates who are not sure of finding well paid work straight after graduation or if you expect other major expenses, like having a baby. By choosing a graduate plan you will pay more interest that on standard repayment plan, but the difference is usually not all that much.There also might be other plans that allow you to make lower monthly payments, but you will have to pay off your loan longer. These plans are usually the most costly, because you end up paying much more interest.
4. Does bad credit affect student debt consolidation.
If you have federal student loans and go for a federal loan consolidation program, your credit history doesn't matter. With private lenders it would be more difficult to get approved if you have a bad credit. So if you have federal and private loans, consolidate federal loans first, this will improve your credit score. If you don't have any federal loans, take steps to improve your credit. The easiest way is to get a credit card and pay it on time fore several months.
5. How to chose the best loan consolidation company.
As you already know, lenders can't really offer your lower rates than others. So it makes sense to look for a lender that offers the most benefits in rate reduction. Other points to keep in mind are: if there are any additional fees for consolidation and if deferment option is available. When you go for a federal loan consolidation, there are several circumstances when your payments can be deferred, such as financial hardship, illness or unemployment. If you are going for a private lender for your student loan consolidation, it is important that this lender offers deferment option as well. Also bear in mind, that you can't always choose the company to consolidate your student loans. If your took all your loans from the same company, you can only consolidate with that same lender. However, if you have loans by different lenders you are free to choose from any lender approved by US government.
How do I make payments on my Federal Student Aid loan?
Are you unsure about the loan repayment process? Check out this video from Barbara Hoblitzell, a Management and Program Analyst for the United States Department of Education, to learn how to make a payment on your federal student loans. Visit StudentAid.gov/repay to learn more.