If you have a Perkins, Stafford, HPSL or Unsubsidized
Loan and the total balance exceeds $5,000.00,
you may qualify for a consolidation loan.
The consolidation program will allow you to combine
all of your student loan obligations into a single loan
and may lower your monthly payments.
The benefit is that you can get a low monthly payment
and lock in a […]

Students should apply for a private loan after they have
completed the FASFA (Free Application for Federal Student Aid)
and received financial aid award information from their school.
Private loans are credit-based alternative loans for students
who require education funding beyond the amounts allowed
under the federal loan programs.
Private loans are also available for students who do not qualify
for federal […]

Borrowers may prepay all or part of the unpaid balance
on any Student Loan Consolidation at any time…
Without an early repayment penalty.
If a borrower makes a payment that is more than the
required monthly payment, the prepayment will be applied
First - to any charges or collection costs,
Second - to outstanding interest
Third and last - to principal.
However, if […]

Thanksgiving is a time for giving thanks.
Very few this day will give much thought
to the fact that we are able to live freely.
Student Loans give us the means
to attend Institutions of Higher Learning
to pursue our dreams and ambitions.
Even though Freedom is not Free,
and those student loans have to be paid back,
at least we have the […]

You learned in the last post how not paying
your student loans on time affects your credit.
You might not think a credit score is important,
but it is. This number decides whether or not
you can get a loan, and what interest rate
you get that loan at if you qualify for a loan.
If your credit score is too […]

If you are drowning in debt from student loans, and
having trouble paying your bills, you may be able to
decrease the amount of interest you are paying,
by consolidating your student loan debt.
This can be done through a student loan debt consolidation.
Consolidating your student loan debt is something that
you can do fairly easily.
The Basics
You can combine several […]

My name is Carl Willoughby aka MoneyPlus2000.
I should have called myself MoneyMinus$20,000.
After getting “screwed” by the banks for many, many years,
I’ve decided to write about my financial experiences.
This will serve as a good example of what a bad example
looks like. Hopefully, you can learn from my mistakes and
misfortunes and avoid them for yourself.
I was a […]

Subsidized Federal Consolidation Loans
Unsubsidized Federal Consolidation Loans
Direct Subsidized Consolidation Loans
Direct Unsubsidized Consolidation Loan,
including Direct PLUS Consolidation Loans…
Health Professions Student Loans,
including Loans for Disadvantaged Students
Health Education Assistance Loans
Federal Insured Student Loans
Federal Nursing Loans.

As of July 1, 2006 you are no longer eligible to
combine you and your spouse’s federal student
loans into one Student Debt Consolidation Loan.

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Eligibility for a student loan consolidation is based
on a few simple criteria (depending on the lender).
You are eligible if:
You are in your grace period.
You have entered repayment
You have eligible loans totaling over $7,500
($10,000 from some lenders).
You have not consolidated your federal student loans.
Or since consolidation you have acquired new student loans.
Which loan types are eligible […]

What are current interest rates on
student loan debt consolidations?
 
Consolidation loans have a fixed interest rate.
The interest rate will be the weighted average of all the rates
of the federal loans consolidated, rounded up to the nearest
one-eight of one percent (1/8%), not to exceed 8.25%.
Lenders may also have additional incentive programs that
could reduce your consolidation rate by […]