Student Loan Consolidation Programs

Category: Finance, Credit.

You finally made it through college!

If so, you re not alone. That s great, but did you end up with a mountain of debt in the form of student loans? With the high cost of continuing education, more and more people are having to finance that education with the help of student loans. One thing that might help you is to consolidate all your student loans so that you ll only have one payment to make each month, instead of several. Luckily the programs exist, you can be, but unfortunately left deeply in debt before you even start on your new career. And that one payment can be substantially lower than the total you re paying now.

Student loan consolidation programs help you to take control of your finances by lumping all your loan payments together into one easier to pay loan. Student Loan Consolidation Programs. This could reduce your monthly payment by up to 50% or more. Consolidating your student loans might also qualify you for a lower interest rate on your new loan, therefore reducing your payment even more. The amount of the reduction depends on the amount of your other loans and the type of program you apply for. Plus if you combine all your smaller loans into a single loan, it might even help to improve your overall credit score or at least help to maintain its current status, since you will be able to meet your monthly obligations easier. There are even programs that were designed specifically for defaulted student loans.

Programs for Defaulted Student Loans. This type of program also includes credit counseling. Thanks to this program, you ll be better able to keep your monthly payments on track, since the amount you have to pay each month will be lower. The consolidator will procure your existing student loans so they are paid off in full and then you ll have one monthly payment to the new loan company who will help you rebuild your credit. Your credit rating will begin to improve and you won t have to endure any more embarrassing phone calls or threats of wage garnishments. Federal Direct Loan Consolidation Program.

Ever notice how those phone calls always seem to come at the worst possible times? Another program for student loan consolidation is the federal direct loan consolidation program. The good thing about this loan is that it usually has a lower rate of interest, so that it keeps the payments low and guards you against inflation. This can help reduce your payments up to 50% . If you re having problems keeping up with your monthly student loan payments, then you really should look into consolidating them into a single loan. Having to pay less each month on your student loans means you ll have more money available for paying your other expenses.

Doing so can dramatically lower the payments as you re likely to get a lower interest rate and stretch the loan life out over a longer period of time.

Read more...

Observe Your Credit Report, And Fix Anything You Can To Make It Better - Marietta Kotecki's Finance and Credit blog:

We all get all credit card offers from junk mail, and everyone knows how they work. These days are gone as the internet has made this a lot easier.

You Spend Money, You Get Rewards - Finance and Credit Articles:

Rewards credit card offers are all over the place. But the gas rewards cards are some of the most popular.

Choosing A Debt Reduction Agency Is Relatively Easy - Finance and Credit:

If you have dug yourself too far in credit card, or tax, real estate- related debt, reduction of debt is an important measure to be considered.