Often College bound students take on one too many student loans. One way to get your loans and other finances under control is to look into Student Loan Consolidation. Student Loan Consolidation is a great way to refinance your schools loans and turn them into one payment rather than many payments. It makes it easier to keep the payments under control. There are two types of Loan Consolidation; there is the Federal Loan Consolidation and the Private Loan Consolidation.

Federal Student Loan Consolidation works by applying a fixed rate refinance package that will take all of your active or existing Federal Student Loans into one single payment. We hear of debt consolidation for parents who need help taking charge of their finances so why not take advantage and get your loans under control before they become out of control. There are many Student Loan Consolidation Companies out there.

Some companies offer a saving of about 50%. You won’t need a credit check to qualify for these consolidations. But the only person who can consolidate the loans is the person whose name is on the loan. By consolidating your Federal Loans you can even save money on the interest payment. By consolidating your Federal Student Loan you will also consolidate the interest called Federal Income Tax Deductions.

Private Student Loan Consolidation is a good way to get a handle on your loan payments. With Private Student Loan Consolidation you can see a saving of hundreds of dollars a year. For example, you may see a $ 10,000 Student Loan with a monthly payment of $ 69.41 and an assumed current payment of $ 88.77. With Private Student Loan Consolidation you will see a yearly savings of $ 232.32. You have to look around for the best terms on these loans.

By consolidating your Student Loans you should find a company that has fixed rates, never sign a variable rate consolidation since you could end up paying a lot of extra interest if you are not careful. Try to line up at least 5 different Consolidation Companies and then compare the amount you can save as well as how much your monthly payments are going to be. You want to pay as little as possible or at least what you can afford.

You can check many online Consolidation Companies but you have to be careful. Make sure that these companies have valid phone numbers to ensure that this company is legitimate. There are so many companies out there that are willing to take your money. You have to be so careful when choosing a company where you have to give them personal information. There are some banks or even some institutions that are designed to help students. Finding College financing can be stressful but make sure that after you accept the assistance that you have an understanding and a responsibility or repaying it back.

Depending upon the student it can either be a very good life or it can be a dog’s life. It all depends on how you are currently living or how are your expenses fairing up to the money available to you.

Sometimes all the students do not have enough money to cover for all the expenses and that is where a need for loan can come up. Different need ask for different loans. Therefore we can sometimes have multiple borrowings.

A student may take loans from any of the two sources of loans.

Federal loans – these loans are offered by the government authorities and hence are cheaper than other loans.
Private loans – these loans are offered by private authorities and are a little expensive than federal loans.

A student has different needs and to meet them a student may have to take different loans. For example

To cover for the tuition fees that all the students have to pay as part of their courses.
To pay the hostel fees that some students have to pay who live away from their home.
To pay for the expenses those are a part of student’s life and other petty expenses.

If you have taken this loan and you are not been able to pay regular repayments and this is affecting your studies than student debt consolidation loans are ideal for you.

The benefits of going for student debt consolidation loans are many which the students can have.

1. The student debt consolidation loans come at a very cheap rate of interest usually at 2% - 3%.
2. The interest on these loans is charged only after you have completed your school or college.
3. There are plenty of rebates that a student can have if you go in for student debt consolidation loans.
4. If a student goes in for these loans he can have a lot of pressure on him removed as far as the financial matters are concerned and he can put in his time in his studies.

So a student should consider his options if he has taken loans of going in for student debt consolidation loans.

All a student needs to apply for student debt consolidation loans is to find himself a lender and give his details to him. The loan decision will be made in a day or two. A necessary thing for student debt consolidation is that a student must have the proof of his candidature.

Student debt consolidation loans are available in both secured and unsecured forms and they are available to everybody even to people with bad credit.

A student debt consolidation loan is the best thing that can happen for a student a cheap and effective way to solve the financial problems. All the students who have taken loans should contemplate going in for these loans for an effective student life.

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Get a break on your payments so you can manage your other debt, too.

It's payback time for students who graduated from college last spring owing money on federal student loans. Your six-month-long grace period is about to end, and the money you owe--an average of $16,600 for undergraduates 18 to 25, according to Nellie Mae, a major student-loan provider--is looming large. The burden is still heavier when you add on credit card debt, which Nellie Mae says averages $2,000 for the same group of students, and maybe even payments you're making on a new car. What's the best way to balance the load?

Rebecca Carter has a plan. Carter, 31, is a veteran of student loans, having repaid about $7,500 from her first stab at college a decade ago. Two years ago she returned to school to complete her degree in business administration at Eastern Nazarene College, in Quincy, Mass.; she graduated in August with $23,000 in outstanding loans.

Carter is wiser, if not richer, the second time around. Before she begins repayment next March, Carter plans to consolidate loans from three lenders (with interest averaging about 7.5%) into a new loan from a single lender, and to extend the payment term from the standard ten years to 20 years. Carter estimates that loan consolidation will reduce her monthly payments 40%, so that she'll pay between $200 and $250 a month. That will give her breathing room to make payments on her more-expensive car loan at 11%.

Now that you have attained your educational goals and have graduated with a degree, the time has come to repay your student loan obligations. If you are like many, student debt is one of your biggest worries, especially since six to nine months following graduation will mark the beginning of your repayment cycle. Many students who have incurred a mound of student loan debt turn to student loan consolidation to ensure that they only pay one monthly payment to one lender each month.

You may be wondering how you have amassed this huge debt. It is not difficult to accrue debt while attending college. Education is not expensive and tuition has been on the rise for many years. Couple that with the other costs of living the life of a college student and the expenses of attending school and it is not hard to see the average student walking away from their education, degree in hand, with a debt of $50,000 or more. Grad have it even worse.

One Payment For Many Loans

Another trouble with student loans is that they are rarely written by one servicer. Even those students who have taken out federal loans like the Perkins or Stafford loan find that they may very well end up with three to four different lenders (or more) over the course of their education. That makes for a confusing time when students begin repayment because they may need to write out a check to each and every lender each and every month. Student consolidation puts an end to that confusion and makes the monthly payment process streamlined.

But student loan consolidation is not solely for the degree packing student. Many students who have not completed their degrees but have dropped out of school or dropped below full time status are also in repayment only six to nine months later. Student consolidation can work for these students as well, and is a great alternative to ruining your credit record. And before you consider bankruptcy, be forewarned - while certain private student loans may be discharged under the bankruptcy code, no federal loan will be.

One of the biggest benefits of obtaining a student loan consolidation is that you can reduce the interest that you are paying on your existing loans. This is particularly true of higher interest private student loans that may be literally costing you an arm and a leg. Student loans are less flexible than student loan consolidation programs in the repayment terms that you must adhere to, as most agreements are basically written in stone.

With a consolidation loan, you can choose to defer payments or extend the period of repayment to a longer number of years, reducing the total amount of money that you must come up with each month. This is a good way to keep more of your income in your pocket to pay for everyday necessities and other bills that you have, allowing you to rely less on expensive credit cards or charge accounts.

Mary Wise is a personal loan consultant who has been associated with Bad Credit Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, home loans, car loans, unsecured credit cards and many other products regardless of their credit situation.

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender
which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans...including FFELP (Stafford
PLUS and SLS)
FISL
Perkins
Health Professional Student Loans
NSL
HEAL
Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well. School Loan consolidation is among the most important and advantageous financial decisions recent graduates and former students can make.
Why Do Most Students Consolidate Their School Loans?
- To lower monthly payment amounts by up to 45%
- To give them an opportunity to build their credit rating
- To make only one student loan payment each month

The Info on School Loan Consolidation Discounts.

Why Lenders Offer Loan Discounts.
The Higher Education Act of 1965 sets the maximum interest rates and fees on student loans. This helps protect loan gouging by student loan lenders
making access to student loans relatively easy for those who are in need of financial aid. Nothing
however
prevents a lender from charging lower interest rates and fees. (The illegal inducements regulations prevent lenders from providing immediate rebates
which would be similar to paying borrowers for their loans. However
most lenders work around these restrictions by instituting a one month delay in rebate discounts
or by providing the discounts when the loan enters repayment)
Lenders offer loan discounts for competitive reasons. Originally the competition was with the Direct Loan program. However
with the repeal of the single holder rule
lenders are increasingly competing with each other for the highly profitable student loan market. If you currently have multiple student loans
you should get the proper information regarding consolidation of those loans.