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If you are a recent college graduate, you may already be worrying about how you will pay back your college loans. This can be especially difficult if you have multiple student loans and are just starting out on your own in the world. You do have options when it comes to paying back your student loans. One of those options is Stafford loan consolidation.
If you need help paying back your student loans, you can apply for Stafford loan consolidation. You can call your lender to see if they can help you consolidate, or you can contact a third party to help you. Either way, you will consolidate all of your student loans into one. This usually means that you will qualify for a lower interest rate, and it means that you will have only one student loan payment to make each month instead of having to pay several different loans each month. However, the best part about Stafford loan consolidation is that your total monthly payment will be lower.
If you have just graduated or you are still in your six month grace period, you might be eligible to receive an even lower interest rate. You do not have to wait until your grace period is over to apply for consolidation. In fact, you don't have to be employed, and you don't have to have a co-signer. If you know that you need to get your payments lowered so you can meet your monthly financial obligations, you can go ahead and apply for Stafford loan consolidation. The application process may take up to a month or longer, so getting started as early as possible is helpful.
If you choose to consolidate your government Stafford loans, you can apply for deferment if you ever decide that you want to go back to school. This is important because you may choose to apply to graduate school at some point in the future. However, once you consolidate, you lose the right to apply for student loan forgiveness. If you think you may qualify to have your student loans forgiven, you should find out before you try to consolidate.
What else can I help you with?
Where are questions answered for Stafford loan consolidation?
In order to get Stafford Loan consolidation, you must include your benefactor's last 2 income tax returns. After you have completed your degree, you must give Stafford your tax return every year.
How can one get a consolidation student loan?
"There are several ways one can get a consolidation loan. In the United States, there is a Federal student loan consolidation program that allows students to consolidate Stafford loans, PLUS loans, and Federal Perkins Loans into a single debt. One can also attain a consolidation loan through a private lender. However, the terms vary from lender to lender such as forbearances and deferments."
Where can one find federal college loan consolidation?
One can find Federal College Loan Consolidation at several facilities of the Federal College Loan Consolidation located at different outlets of Federal College Loan Consolidation.
What is the best way to get a consolidation loan if you have bad credit?
In the US, you can consolidate your loans even with bad credit if they are Federally Guaranteed student loans, like Stafford loans. If you want help with the consolidation of your student loans, click on the link below.
What does DLSTFD loans mean?
Direct Subsidized Stafford Loan
Can you convert a stafford loan to a perkins loan?
No.
How easy is it to get a debt consolidation loan?
I have learned there is really no such thing as a consolidation loan anymore. The banks and other loan agencies do not carry this particular loan anymore.
Can you get a stafford loan and another loan at once?
Sure.
Where can consolidation loan rates be compared?
There are several places one can compare consolidation loan rates. These websites include Bank Rate, Loan Consolidation, Lending Club, FinAid, and Lending Tree.
Low Interest Student Loan?
Financing your education, whether you are attending a four-year college or university, community college, graduate school, or trade, career, or technical school is a difficult task. Fortunately, the U.S. Department of Education offers a wide range of low interest student loans which can help you and your parents cover the costs of your education. There are four main types of loans available to students and their parents: Federal Perkins Loans, Stafford Loans, PLUS Loans, and Consolidation Loans.The Federal Perkins LoanThe Federal Perkins Loan is a low interest student loan offered to undergraduate and graduate students who show significant financial need. The interest rate is fixed at 5% over a 10 year repayment period. The loan program is disbursed by the participating school and is made to students who are enrolled either full or part-time.The Stafford LoanThe Stafford Loan is a student loan offered to undergraduate and graduate students who are enrolled at least half-time in a institution of higher learning. Two types of Stafford Loans exist: subsidized and unsubsidized. A subsidized Stafford Loan does not accrue interest while a student is enrolled in school and is fixed at a rate of 6% for undergraduates and 6.8% for graduates. In order to be eligible for a Stafford Loan, a student must demonstrate financial need. On the other hand, an unsubsidized Stafford Loan accrues interest from the point that the loan is made. Unsubsidized Stafford loans are fixed at a rate of 6.8% for undergraduates and graduates.The Federal PLUS LoanThe Federal PLUS Loan, can be obtained either by parents to pay for the undergraduate education of their dependent children or by graduates students to pay for their own graduate or professional degree. Currently the interest rate for undergraduate loans is fixed at 8.5% and the interest rate for graduate loans is fixed at 7.9%.Consolidation LoanThe Consolidation Loan enables student and parent loan borrowers to consolidate multiple Federal education loans into one loan. Consolidation simplifies the repayment process, allowing borrowers to make one monthly loan.
What are the student loan consolidation interest rates?
As of July 2010, you can get a student consolidation loan through the federal government. The interest rate can range from 6.62%-8.25%. 8.25% is cap for any student loan consolidation.
Which companies help you save money plus assist with loan consolidation?
Some companies which help you save money and assist with loan consolidation include Wells Fargo and FinAid. You can get help with your Loan Consolidation from their websites.
