Federal Student Loan Consolidation

Federal Student Loan Consolidation

www.howdini.com Student loans: How to pay down and consolidate college loans College is over and the banks want their money back. Welcome to adulthood. Money Magazine reporter Carolyn Bigda offers practical advice for how to pay down college loans. Keywords: private student loans...

http://myadaily.com// Student loans: How to pay down and consolidate college loans

Graduates in health care fields can refinance up to $ 25000 in private student loans at 4.99 percent. ... Graduates in health care fields can now turn to NIH Federal Credit Union to consolidate private student loans. The Rockville-based financial ... NIH FCU adds student loan consolidations

 

Federal Direct Consolidation Loans allow borrowers to mix multiple federal student loans into a single loan towards the borrower's advantage. Discover what those benefits are, what forms of loans can be consolidated and how to make an application for federal government student loan consolidation.   Benefits of Authorities Student Loan Consolidation   Besides the obvious benefit of reduced monthly obligations, Federal Direct Consolidation Loans offer additional benefits towards the borrower, including: One Bill: there is only one lender for federal education loan consolidation, the US Dept of Education, so there's only one monthly bill. Four Payment Options: federal student consolidation loans offer four different payment options made to be flexible enough to meet the varying as well as changing needs of borrowers. Borrowers may switch between the four payment options at any time. No Costs or Amount Restrictions: unlike some private lenders who charge fees to setup student consolidation loans and who have set minimal and maximum loan amount requirements, federal student consolidation loans don't have any restrictions on loan amounts and charge no costs. With federal direct consolidation loans, borrowers can consolidate student education loans for free. Renewed Deferment: borrowers who have exhausted their deferment privilege on the current federal education loans may receive renewed deferment once they initiate a federal consolidation loan. Private lenders usually don't offer deferment. Federal Student Loan Consolidation Program-Who Is actually Eligible?   To qualify for a federal student mortgage consolidation, borrowers must have at least one federal Immediate Loan or one Federal Family Education Loan (FFEL) that's in grace, repayment, deferment, or default status. Student education loans in “in-school” status do not qualify for loan consolidation.   Borrowers without any Direct Loans can take benefit of federal student loan consolidation programs if they include a minumum of one FFEL loan in the consolidation and have been unable to acquire a suitable federal consolation loan with a FFEL loan provider.   Borrowers may also apply for a federal loan consolidation when they intend to apply for loan forgiveness under Open public Service Loan Forgiveness Program.   PLUS loans and Perkins loans can be included in a Federal Direct Consolidation Loan so long as they are combined with a Direct Loan or even FFEL.   Health professional student loans can also end up being consolidated; these include the Health Professional Student Mortgage, Health Education Assistance Loans, and Nursing Student Financial loans.   How to Apply for Direct Federal Student Mortgage Consolidation Apply Online (or download a paper application to mail) in the Federal Direct Consolidation Loans Information Center. Apply by Phone by calling 1-800-557-7392 (in america) or 334-206-7400 (outside of the ALL OF US) Request a Paper Application by e-mailing: loan_consolidation@mail.es.com The actual Federal Direct Consolidation Loan Program offers standard, managed to graduate, extended, and income contingent repayment plans to match any budget. Federal student loan consolidation plans frequently offer lower rates and better repayment terms conditions than private lenders. For more information about Government Direct Consolidation Loans, visit the Direct Consolidation Financial loans Information Center online. Related Federal Student Loan Consolidation Articles

Question by dylanthomas44: 1) what federal government organizations consolidate student loans? Also, do any of these organizations consolidate private loans? Best answer for 1) what federal government organizations consolidate student loans?:

Answer by patticharron
Sallie Mae (Student Loan Marketing Association) offers loan consolidation, as do any number of lenders. I would stay away from big banks like Citi, Bank of America, Chase, etc that offer consolidation. Stay with an outfit that only deal in student loan paper. There are no "federal government organizations" per se that consolidate or make loans. The lenders that do are authorized by the feds, but are not government agencies in and of themselves. There are some state-run organizations, like the Ohio Student Loan Commission, Kentucky Higher Education Commission, etc. But nothing federal. The feds simply guarantee the loan; that's all. When you consolidate, be wise about what your getting into. There are a lot of offers out there to REDUCE YOUR PAYMENT BY 75%!!! for example. But what this does is extend the payment period to 25 and 30 years, thus making the actually repayment amount up to ten times what you actually borrowed. So be careful. Don't sign anything until you see the Truth In Lending statement which spells out the real deal. If you are confused, ask your banker or a knowledgeable friend or parent to look it over and help you make a good decision.

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