|
Author: Georgio Heberto Article source: http://www.cash-sense.com/. Used with author's permission.
Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they're scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.
2. The newest twist in the consolidation puzzle is the "in school consolidation", affecting students who are currently enrolled and will be enrolled past the July 1 consolidation. You can consolidate your existing college loans now to secure the low rates for at least part of their student loan portfolio.
3. Consolidating could save thousands of dollars in interest payments on college loans. There are impending student loan rate changes and new interpretation of regulations by the Department of Education, also, Congress is considering ending the fixed-rate program. Experts are urging students to consolidate to relieve themselves of a higher debt load.
4. Many students and families are looking for a simple, clear answer about whether to consolidate college loans or not. The simple answer is to take some of the bite out of the debt by loan consolidation. You could live like a miser and save as much money as possible or consolidate your federal student loans now.
5. For students still in school, you have an opportunity to choose consolidation. Consolidating would put a college loan borrower into repayment status, but the student can defer payments until after graduation by making a deferment request. Consolidating today can have payments put off until graduation.
6. The federal loan program allows consolidation, which is when a borrower pools his student debts together so that only one monthly payment is necessary, rather than several. It's not just the convenience of one payment that is making consolidation so compelling. The most significant aspect of the program is that it allows a person to permanently lock in a lower interest rate on loans. These loans are backed by, or granted directly by, the federal government.
7. Rates for federal Stafford loans, the most prevalent type of student loan, as well as some other types of federal student loans are set annually based on the rate of 91-day U.S. Treasury bills at the end of May. The exact rate won't be known until the end of the month, but experts say it will be about 2 percentage points higher. (Private loans and federal loans cannot be consolidated together.)
8. For the first time, the U.S. Department of Education will allow students still in school to consolidate federally backed loans. Federal PLUS loans can also be consolidated. PLUS loans are used to help pay the cost higher education.
9. Students, regardless of enrollment, should absolutely consolidate their college loans, arranged through the student's lender. There are no fees, no credit checks, and interest rates are expected to move higher. Those are good reasons to consolidate.
10. Act quickly to put lock on current federal-aid interest rates. Graduates should act now to insulate themselves from a drastic rate change. Apply early. Do not wait until the last minute to file paperwork. Those who have already graduated or left school should not wait to investigate consolidation. In the first six months after graduation, you are in a grace period. Within that six-month window, you can lock in a low rate on Stafford loans and spread the repayment over as long as 30 years.
If you're going to consolidate, now is the best time to do it. Georgio Heberto is dedicated to offering news, articles, and instruction on financing college education. You have a definite choice in how you finance your education and beyond. Visit http://www.atopeducation.com for more information.
Herbal and Home Remedies that Prevent Memory Loss
Can herbs help alleviate memory loss? Susun Weed discusses in this short article.
Easy Steps to Get Onto Google Top Search Pages
To get on Google's top pages can be accomplished by following a few simple steps. The following procedure works well for companies working within a local region...
Blowing Your Own Horn
At first you must think that with a title as above that this article must be about something other than marketing; however, what this article is about is market...
Design Web Pages for Arts Sake or Data?
Should your home page be a work of art, or should it concentrate on providing useful information?
Glasgow: Scotland With Style
Glasgow's image has changed from rough, industrial city to a sophisticated, buzzin' place ideal for city breaks. Check out why it's so popular!
Four Corners of a Triangle: Why Organizations Succeed or Fail
Business and non profit organizations represent the interests of many people: the sponsors and the consumers. Any flaws in an organization's capacity and manag...
[Conflict Resolution] The Philosophy of Fear and Confrontation
Read it to find out why, when faced with fear and confrontation, the best defense is no defense at all.
CortiCarb3000 Reviewed: Does It Perform As Promised?
CortiCarb3000 was reviewed to determine if it was worthy of being considered more than a Carbohydrate blocker. Once determined the best in class as far as Carbo...
Cellular Phone Downloads
Cellular phones are taking a leap forward by offering camera phones with better picture resolution and MP3 players with plenty of memory, while offering these n...
The Fundamentals of Inbound Links
Link development is one of the most overlooked components of a successful search engine optimisation campaign. Web site owners can put all the key phrases they ...
West Highland White Terrier - Picking the Right Breeder
Do you want a Westie as a pet? What are your expectations? What do you know about the breed? You take time out to know these answers.
Loan Officer Marketing – How to Target the Right Agents
Does this story about marketing to Realtors® sound too familiar?
Direct Sales Reps CAN Write Articles - Heres How!
We all know that article writing is a great way to promote our businesses AND helps establish us as an expert in our fields. But, just because we know how impor...
How To Find Your Center Of Power
The world is too much with us. And because it is, we disconnect from our power. This power arises from being centered in ourselves, feeling peaceful and knowi...
Is Congress Going to Lay the Groundwork to Include Education with the Steroid Legislation?
They have to assume that young athletes are aware of steroids and some perhaps use them. Then move forward accordingly and educate the youth on what they are an...
The Pros and Cons of Camera Cell Phones
All the major phone manufacturers are cashing in on the ever increasing market in camera phones. Companies such as Nokia, Siemens, Motorola and many more have s...
Making Your Purpose Your Business Step #2- Getting From Point A to Point B
In my previous article, Step 1, your challenge for the month was to research where your passion lies. Based on your research you might have discovered that self...
10 Wisdom-Based Wealth-Building Strategies
"It's the business of your life… and you're the CEO!" Gala Gorman Imagine that you're Noah and God is telling you that you need to build the ark. You might su...
Climb out of the Box - How to Hold Effective Meetings
Out of the box thinking is a popular fad today. And yet, in order to leave a box, you have to realize that you are in one.
Einstein - Definition of Insanity
Insanity in the Sign & Graphics Industry Einstein's Definition Albert Einstein once said "The definition of insanity is doing the same thing over and over again...
Baby Name Meanings
When naming a baby, do you check on the meaning? You should - if you want to avoid a bad mistake! This article explores some of the cultural and other reasons ...
Investing in Car Dealerships: How to Do It Right
The financial characteristics of the automobile dealership are attractive. When is the right time to invest? Does the dealership's history matter? What does it ...
White Sun - Tao of Heaven. Showers of Wisdom ( Part 2 of 3 )
A thought of joy is stars in panorama and clouds in celebration. A thought of anger is ear-splitting thunder and torrential rain. A thought of loving kindness i...
Who Do You Want to Meet?
One of the most interesting things I've learned over the years I've studied how the human mind works is that when you set goals, clarify them, write them down -...
|
Print this page