College Consolidation Loans - Student Loan Consolidation Comparison

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If you currently have a student loan then you probably know what I am saying when I tell you they are a double edged sword. On the one hand if you didn't get the loan you wouldn't have been able to complete college and have the degree that you now hold. On the other hand, if you didn't get the loan and you didn't have all those payments to make you might be able to pay all of your other bills on time or maybe afford a nicer car, maybe even perhaps live in a nicer house.

If you are truly having difficulty making your payments and even are at risk of losing your good credit standing because of them then you really may want to consider a college consolidation loan.

With this type of loan, just like a standard debt consolidation, you merge all of your high interest loans into a loan with a lower rate of interest that allows you to make one single payment. This really makes life a lot easier and more manageable.

This loan could really be a great solution for you. Especially if you are behind and have tried all of the options of deferment or forbearance that might be offered with your current loans. Many times with a direct student loan consolidation you get a clean slate with your loan. None of the old late payments or problems have bearing anymore.

With the new loan you get to, if needed, take advantage of deferments and forbearance once again. Hopefully though this won't be necessary because you, more often then not, get a lower interest rate which gives you a much lower payment. Another awesome benefit of securing this loan is that your other loans appear on your credit report as being paid off which is great for your score.

With this loan you have basically four different payment plans available for you to choose from.To understand what they are you really need to look at a student loan consolidation comparison so you will know which loan will fit into your needs and budget the best before deciding.

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College Loan Forgiveness

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College loan forgiveness is a process of wiping away a person's college loan debt in one fell swoop. It is extremely hard to come by, as you are almost always expected to pay your college loans back. With college loans being a hot topic for almost every family in the US, every option for finding money to go to college is welcome. But loans soon become debts, and college graduates have to work for years to repay their college debts.

However, for some people loan forgiveness or cancellation of the parts of it is possible. For instance, many loans, especially Federal ones, are forgiven if the beneficiary dies or becomes totally and permanently disabled, the school closes within a predefined amount of time and because of that you cannot finish your program, or if your signature has been forged.

As seen, the conditions for loan forgiveness are pretty serious, and are generally for events beyond your control. But there are many other cases, when the events are beyond your control but you cannot claim forgiveness - for instance, if the school provided inadequate training or the instructors were not qualified.

But there are also other circumstances under which the federal government may forgive part of your college loan. One possibility is volunteer work for organizations like AmeriCorps, the Peace Corps, or VISTA. Another possibility is going into the Army, or teaching or practicing medicine in certain communities.

Sometimes schools manage to raise funds from donors and offer forgiveness programs to their graduates. There are enough possibilities to be examined, if you would like to reduce your monthly loan installments.

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College Consolidation Loans - Student Loan Consolidation Comparison

Image : http://www.flickr.com

If you currently have a student loan then you probably know what I am saying when I tell you they are a double edged sword. On the one hand if you didn't get the loan you wouldn't have been able to complete college and have the degree that you now hold. On the other hand, if you didn't get the loan and you didn't have all those payments to make you might be able to pay all of your other bills on time or maybe afford a nicer car, maybe even perhaps live in a nicer house.

If you are truly having difficulty making your payments and even are at risk of losing your good credit standing because of them then you really may want to consider a college consolidation loan.

With this type of loan, just like a standard debt consolidation, you merge all of your high interest loans into a loan with a lower rate of interest that allows you to make one single payment. This really makes life a lot easier and more manageable.

This loan could really be a great solution for you. Especially if you are behind and have tried all of the options of deferment or forbearance that might be offered with your current loans. Many times with a direct student loan consolidation you get a clean slate with your loan. None of the old late payments or problems have bearing anymore.

With the new loan you get to, if needed, take advantage of deferments and forbearance once again. Hopefully though this won't be necessary because you, more often then not, get a lower interest rate which gives you a much lower payment. Another awesome benefit of securing this loan is that your other loans appear on your credit report as being paid off which is great for your score.

With this loan you have basically four different payment plans available for you to choose from.To understand what they are you really need to look at a student loan consolidation comparison so you will know which loan will fit into your needs and budget the best before deciding.

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College Loan Forgiveness

Image : http://www.flickr.com

College loan forgiveness is a process of wiping away a person's college loan debt in one fell swoop. It is extremely hard to come by, as you are almost always expected to pay your college loans back. With college loans being a hot topic for almost every family in the US, every option for finding money to go to college is welcome. But loans soon become debts, and college graduates have to work for years to repay their college debts.

However, for some people loan forgiveness or cancellation of the parts of it is possible. For instance, many loans, especially Federal ones, are forgiven if the beneficiary dies or becomes totally and permanently disabled, the school closes within a predefined amount of time and because of that you cannot finish your program, or if your signature has been forged.

As seen, the conditions for loan forgiveness are pretty serious, and are generally for events beyond your control. But there are many other cases, when the events are beyond your control but you cannot claim forgiveness - for instance, if the school provided inadequate training or the instructors were not qualified.

But there are also other circumstances under which the federal government may forgive part of your college loan. One possibility is volunteer work for organizations like AmeriCorps, the Peace Corps, or VISTA. Another possibility is going into the Army, or teaching or practicing medicine in certain communities.

Sometimes schools manage to raise funds from donors and offer forgiveness programs to their graduates. There are enough possibilities to be examined, if you would like to reduce your monthly loan installments.

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Student Loan Consolidation - Helpful Tips To Consolidate Student Loans

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Going to college is one of the most exciting things that you can do for yourself. One of downfalls about college is that you will have student loans to deal with. Most students do not realize that they can do a student loan consolidation to combine all of their loans into one small easy payment. There are many different companies that will help you in combining your college loans together.

When you do a student debt consolidation what you're actually doing is paying off the loans that you have and going with one loan where you have one payment. This can help students save a great deal of money and time as they will not have to worry about each due date for each loan. They also will not have to worry about interest rate payments they would have to make on each individual loan. Once they combine all of the loans into one they are able to pay just one premium, generally with a low interest rates.

One of the first places you would want to look into for considering student debt consolidation would be the financial aid office at your college. You can talk with a financial advisor and go over the loans that you have outstanding. Together you and the counselor can come up with a good plan of action and what would be your best way to go with consolidating the loans. You can also check with your local bank and see what options they have available for you as well. Many times they offer specials for students and can help you in combining your loans together.

If you're a college student and you find that you have several student loans to deal with, then you will want to look into consolidating those loans. It is important for you to be able to focus your time and energy on your schoolwork rather than worrying about many different college loans. You want to be sure that things run smoothly for you and that you're not missing payments on any of the loans. They will be much easier to track and take care of when you have them combined into one easy monthly payment.

There are also some outside companies that offer assistance to students such as Sallie Mae. They can help you in combining many loans for school together to form one small student loan. If you are not done with school and you find that you may need additional loans, then you may want to take this into consideration when applying to do a student loan consolidation. This way you can get the money that you need to cover any new school expenses as well as the previous loans you had.

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Federal Student Loan Consolidation for Teachers

The average teaching student graduates with over $18,000.00 in student loan debt. After interest is added you could be paying a total of almost $40,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. You will probably have both federal and private loans but for this article we will be dealing with only your federal loans.

Grace period -
One of the benefits to a federal student loan is you don't have to start making payments until 6 months after graduation. Perkins loans have a 9 month grace period. You do still gather interest during this time on your unsubsidized loans so you may want to go ahead and start making payments anyway.

Forgiveness -
There are a couple programs that offer student loan forgiveness for teachers. With the Stafford Loan Forgiveness program you could be eligible for up to $5000.00 in forgiveness and up to $17,500.00 if you meet certain requirements such as teaching math, science or special ed to low income students. Eligibility doesn't start until you have taught for 5 years, and there are other requirements such as -

o You must not have had active student loans on Oct 1, 1998.

o Your must be employed for 5 consecutive complete years and your school must have been designated a low income school at least the first year you taught there.

o You are not in default on the loans you are seeking forgiveness for.
Consolidation will not affect the right to forgiveness for Stafford loans.

The Perkins forgiveness program will forgive up to 100%
of your loan if you are:

o a full-time teacher employed in public or nonprofit elementary or secondary schools in districts eligible for ESEA Title I-A funding, where the percentage of children from low-income families enrolled in the school exceeds 30% of total enrollment, or

o a full-time special education teacher in public or nonprofit elementary or secondary schools (including teachers of infants and toddlers) or qualifies professional providers of early intervention services under the Individuals with Disabilities Education Act (IDEA), or

o a full-time teacher of math, science, foreign languages, bilingual education, or other fields determined to have a shortage by the state educational agency.
The Perkins forgiveness loan is forgiven based on the following scheduled:
For full-time teacher

o 15% for each of years one and two

o 20% for each of years three and four

o 30% for year five and each successive year

For full-time special education teacher

o 15% for each year of service

Perkins loans are not eligible for forgiveness if they have been consolidated.
In addition you may be eligible for forgiveness by state. Check for the availability in your state here.

Consolidation -

Once you have decided if you will be eligible for forgiveness or not it's time to start making those payments. A federal student loan consolidation can help you do that more affordably by extending your repayment term and lowering your payment and interest rate. Compare the terms of several consolidation companies and choose the one who will save you the most money and has the best customer service. It can be hard to compare different types of repayment incentives programs so ask for the bottom line - how much will you be paying in total interest. The company should have actual people available to answer your questions and they should be courteous and knowledgeable. You have many choices in lenders pick one that will deliver for you.
You must give up what is left of your grace period when you consolidate so if you aren't ready to start making the payments time it so your consolidation is funded right at the end. Generally a consolidation takes 4-6 weeks so you should have your company picked out and an application underway by about 4 months after graduation..

Repaying your student loans can be a daunting task but with a little forgiveness and the help of a good student loan advisor we can take some of the sting out of it.

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Federal Student Loan Consolidation for Teachers

Image : http://www.flickr.com

The average teaching student graduates with over $18,000.00 in student loan debt. After interest is added you could be paying a total of almost $40,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. You will probably have both federal and private loans but for this article we will be dealing with only your federal loans.

Grace period -
One of the benefits to a federal student loan is you don't have to start making payments until 6 months after graduation. Perkins loans have a 9 month grace period. You do still gather interest during this time on your unsubsidized loans so you may want to go ahead and start making payments anyway.

Forgiveness -
There are a couple programs that offer student loan forgiveness for teachers. With the Stafford Loan Forgiveness program you could be eligible for up to $5000.00 in forgiveness and up to $17,500.00 if you meet certain requirements such as teaching math, science or special ed to low income students. Eligibility doesn't start until you have taught for 5 years, and there are other requirements such as -

o You must not have had active student loans on Oct 1, 1998.

o Your must be employed for 5 consecutive complete years and your school must have been designated a low income school at least the first year you taught there.

o You are not in default on the loans you are seeking forgiveness for.
Consolidation will not affect the right to forgiveness for Stafford loans.

The Perkins forgiveness program will forgive up to 100%
of your loan if you are:

o a full-time teacher employed in public or nonprofit elementary or secondary schools in districts eligible for ESEA Title I-A funding, where the percentage of children from low-income families enrolled in the school exceeds 30% of total enrollment, or

o a full-time special education teacher in public or nonprofit elementary or secondary schools (including teachers of infants and toddlers) or qualifies professional providers of early intervention services under the Individuals with Disabilities Education Act (IDEA), or

o a full-time teacher of math, science, foreign languages, bilingual education, or other fields determined to have a shortage by the state educational agency.
The Perkins forgiveness loan is forgiven based on the following scheduled:
For full-time teacher

o 15% for each of years one and two

o 20% for each of years three and four

o 30% for year five and each successive year

For full-time special education teacher

o 15% for each year of service

Perkins loans are not eligible for forgiveness if they have been consolidated.
In addition you may be eligible for forgiveness by state. Check for the availability in your state here.

Consolidation -

Once you have decided if you will be eligible for forgiveness or not it's time to start making those payments. A federal student loan consolidation can help you do that more affordably by extending your repayment term and lowering your payment and interest rate. Compare the terms of several consolidation companies and choose the one who will save you the most money and has the best customer service. It can be hard to compare different types of repayment incentives programs so ask for the bottom line - how much will you be paying in total interest. The company should have actual people available to answer your questions and they should be courteous and knowledgeable. You have many choices in lenders pick one that will deliver for you.
You must give up what is left of your grace period when you consolidate so if you aren't ready to start making the payments time it so your consolidation is funded right at the end. Generally a consolidation takes 4-6 weeks so you should have your company picked out and an application underway by about 4 months after graduation..

Repaying your student loans can be a daunting task but with a little forgiveness and the help of a good student loan advisor we can take some of the sting out of it.

Thanks To : Student Loan Gamesthes