Plus loan consolidation
The truth about student loan consolidation You can finally relax about your student loans and payments. The truth is, the US Federal government offers free no fee federal programs that will lower your payments and give you cash back. You were probably too busy enrolling and then studying to learn about the financial aid programs you qualify for. If you are looking for new loans or if you need to refinance, simply refinancing your existing loans can lower your monthly payments by about 40%. The math is simple. If your payments are $500 per month, lowering them to $280 per month lets you upgrade your apartment, get that new car, put more cash in your pocket and best of all, take that financial stress off your back.
You have enough to focus your attention on. A Federal Consolidation Loan is a loan that repays all your outstanding eligible federal student loans, and replaces the multiple payments you may be making each month with a single student loan payment. In most cases, your repayment term is extended to make your monthly payments more affordable ; however, you may always prepay your loan with no penalties. The interest rate on the consolidation will be a fixed rate for the entire term equal to the weighted average interest rates of your outstanding student loans rounded up to the nearest 1/8% not to exceed 8 .25%. The Federal government created the student loan consolidation program to help students and their parents afford higher education, so that our youth are better educated and can achieve higher earning power. Like many government programs, however, some of the rules and procedures may be a bit complicated. That\'s why you\'re encouraged to let College Loan Financial be your student loan consolidation provider of choice! Federal and Federal Direct Stafford (subsidized and unsubsidized)
Federal and Federal Direct PLUS
SLS (Supplementary Loans for Students)
Federal Perkins
Federal Nursing Student Loans (NSL)
Federal Health Education Assistance Loan (HEAL)
Federal Health Professional Student Loans (HPSL)
Health Professions Student Loans (HPSL)
Loans for Disadvantaged Students (LDS)
Federal Insured Students Loans (FISL)
Federal Consolidation Loans
Federal Direct Consolidation Loans A note about defaulted loans: You may consolidate defaulted loans as long as you make three consecutive monthly payments to your guarantor prior to applying for loan consolidation.
You may choose from the following repayment options:
Level Repayment Plan - your least expensive option. Payments are fixed over the life of the loan and repay all principal and interest due each month. Graduated Repayment - can reduce your payments by more than 50% because you make small, interest-only payments at the beginning of repayment, and larger payments later on, when you may be in a better position to afford them. 2 Year Graduated Repayment Plan - Interest-only payments for the first two years, followed by level payments for the remainder of the term.
Extended Repayment - Extends repayment up to 25 years, if you have balance between $30,000 and $39,000 in eligible student loans. When you apply for loan consolidation during a grace or deferment period you are eligible for a further reduction of your consolidation loan interest rate. That\'s because during these periods, your variable Stafford loan interest rate is .6% lower than during active repayment. If you wish to take advantage of this lower rate you must submit your application prior to your grace end date. Your disbursement date can be scheduled towards the end of your grace period. Your loan consultant can explain in more detail.
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