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Student Loan Consolidation Rates - It Pays To Shop Around

Author: Martin Haworth

In order to repay them within the ten year period most loan programs favor, the monthly payments are often expensive - more expensive than most people can afford, especially six months after graduating.

Consolidators go after recent college graduates much like credit card companies go after recent entrants into adulthood (aka people who have turned eighteen). With all of those options it's easy to get confused and frustrated and give up on the process.

But why repay more than is owed? Interest rates are one thing, getting a paycheck every month certainly feels like another. This article serves to help recent Grads determine what the best student loan consolidation rates are.

Student Loan Consolidation - More Popular Than Ever

Is it any wonder that student loan consolidation has become so popular? Not long after that six month grace period mark passes, the postcards and "official" offers start showing up in the Graduate's mailbox. Each offer promises a better rate than the last. It's hard to tell the "shady" loan programs apart from the legitimate programs.

The best place to find a consolidator for your student loan is by calling whichever student loan organization you send your payments through. Sallie Mae and ACS are two of the most widely used student loan programs. They usually have several options ready and waiting for the Graduate to explore.

The banks and lenders offering student loan consolidation rates through these larger programs are obviously legitimate and will probably make the consolidation process much easier than outside loan programs would.

Internet Sources Of Student Loan Consolidation Deals

Another option when looking for student loan consolidation rates is the internet. Student Doc offers a number of resources for students and graduates including information on student loan consolidation rates.

This website offers a review program for the best and worse consolidation programs. It talks about the various types of financial aid you may have accumulated and gives a great overview of Student related debt.

Another site that goes into detail about options about student loan consolidation rates is a site called FinAid. It goes over the basic options available to recent college graduates and talks about the pros and cons of consolidation. It gives easy to understand information on interest rates and who is eligible for consolidation.

Check Thoroughly for The Best Consolidation Deals

Whatever method is chosen for consolidating student loans, it's important to research all of the options that are available. It's easy to take the first offer that comes along, but the first offer might not be the best, it might just have been the fastest to travel through the student's grapevine.

Student loan consolidation offers are sort of like the credit card offers that start showing up after a person's eighteenth birthday.

They are all tempting, but it's important to take care and consideration before settling on a repayment route. There are so many variables when it comes to consolidation rates that it is easy for people to get confused and frustrated.

There are lots of options available out there. Happy researching!

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About the Author:

(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at


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Federal Student Loan Consolidation - Get Your Facts Straight Now!

Author: Martin Haworth

If that is what it takes to improve your life, you should be proud you did it. Fortunately for all of us stuck with student loan debt there are federal student loan consolidation programs that can cut your student loan payments in half.

These programs will combine multiple loans into one loan which not only will save you money but it cuts out the hassle of multiple payment to multiple lenders.

Consolidation Backed By Federal Government

Federal student loan consolidation is backed by the federal government and allows you to extend your repayment terms.

If you have Stafford loans, you have a variable interest rate that adjusts annually. When you opt to consolidate, you get the choice to lock in at a low rate and there are many offers out there that will charge you no fees.

They want your business and you should shop around. There are many competing financial institutions that are competing for your money and that puts you in the drivers seat. You want to insist on the best possible deal on the market.

Consolidation Loans Federal Providers

Sallie Mae is a government institution that offers a 'Best Rate Promise.' They guarantee you that they will give you the 'lowest official student loan rates available to you' when you consolidate. If you have just graduated and your loans carry a variable rate you want to consolidate before your six month grace period ends.

If you consolidate your loans before the end of the six month grace period ends, many of you can lock in 6.625% or 6.75% interest rates.

If you put it off until after the grace period your rate will be more like 7.125% to 7.25%.These rates vary, so check them out carefully before you buy.

Consolidated Federal Loan Downsides

Federal student loan consolidation does have a downside. When you consolidate your loans, it lowers your payment by extending the amount of time you have to pay off the loan. With federal student loan consolidation you get to choose if you want a standard repayment in which your monthly payment for the life of the loan is fixed.

If you opt for graduated repayment your payments start low and increase at intervals specified by the lender.

There is also an income sensitive repayment in which your payment is determined by your income. This type of consolidation will increase as your income increases.

Watch Out For Minimum Payment Schedules

No matter what type of loan you choose the federal rules governing student loans set a minimum payment of fifty dollars. These rules are relaxed for the income sensitive repayment option. The most popular choice is the standard repayment. The payment always stays the same.

If you choose any loan beside the standard repayment, it does not mean you are locked in. You do have the option of changing your mind and applying for one of the other types of loans. The option may still be open but it depends on the terms of your loan.

You can always contact your lender for a full review of your options.

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About the Author:

(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at


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Student Loan Consolidation Information - How Credit History Affects Student Loans

Author: Ian Wilkie

When researching your student loan consolidation information options you want to look into how credit history affects student loans.

A range of general student loan products are not credit-based, Stafford and Perkins are based solely on need and do not even perform credit checks, but not all students will qualify and these services will in many instances cover a reduce amount of less than 100% of the amount needed, especially given the high cost of education today, most students and his or her families may therefore need to supplement these with credit-based student loans, when they do being able to show a good credit report to evaluators will result in the best access to funds, with the better interest rates, as with any credit-based loans a prior history of bad credit does not make acquiring funds impossible, nevertheless it is often much harder and in many instances carries a higher interest rate, avoiding a bad credit history will hence be the difference between getting a loan or if you do obtain one, repaying much more than you would have with a good credit rating.

However what is good or bad credit?

The first issue any loan officer will examine is the FICO score, the FICO is a total score calculated by the main credit agencies based on a secret proprietary formula, though the exact equation is not public, multiple criteria are well known and even obvious.

FICO scores are calculated on outstanding debt and defaults, the amount of late re-payments and how late and how late they are 30 days, 60 days, 90 days or longer along with the amount of credit available and number of recent credit inquiries and other factors, all these are weighed up and thus for example, a default counts very heavily as do any late payments with higher late days counting more, the number of recent credit inquiries counts much less.

A range of students will not have a FICO amount at all, not having credit cards or other forms of loans that would generate the required information on which the amount is based, nevertheless most students are judged by their parents credit history in relation to granting loans, whilst student credit history is important it is the parents wages and credit history that typically counts for more in the final decision.

Both parties want to have good credit, first and foremost that requires a FICO of above 650, and the higher the better having a total score less than that will not make getting a loan impossible, nonetheless it might trigger the need to supply further information that may influence the decision and submitting that incidental data to the people who can be influenced is not always easy.

In addition to the FICO number and linked to it, there are a number of other components that prospective borrowers should keep in mind.

Paying when required is imperative, evidence of a history of late payments and building up late re-payment charges is evidence of a poor credit risk in the minds of the lenders, staying within your available credit limits is very important as well, avoiding over limit and other costs shows a disposition to defer current gratification and take responsibility, creditors are judging not just numbers but also character as well in any decision.

Limiting the number and maximum balance amounts on credit cards will additionally assist, excessive credit inquiries suggest to lenders that someone is having difficulty meeting existing debt loads, that is a signal that re-payment of further loans may be harder, that increases the lenders default rates on loans that are not re-paid, financial institutions will try very hard to keep that default rate as low as possible, to do that they sometimes deny credit to borderline applications.

Meet all of your credit obligations and keeping all borrowing to a modest level for a long period of time makes you look like a very good risk to loan officers, which means funding any student loan will be that much easier, keep this in mind when considering any student loan consolidation information.

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About the Author:

Ian Wilkie is a published expert author of many Student Loan Consolidation Information articles and owner of - My Student Loan Consolidation Information your one-stop online resource for Student Loan Consolidation Info.

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What is a Debt Consolidation Loan?

Author: Peter Kenny

A debt consolidation loan can come in very handy for many consumers but these loans should be examined carefully before signing up for any. Like all financial instruments, this type of loan will have its benefits and its drawbacks. Let's look at a few of the more important issues concerning debt consolidation loans.

A debt consolidation loan is the replacement of multiple loans with a single loan. One of the benefits of a debt loan is that the borrower will often see a lower monthly payment and a longer repayment period. Here is a very simple example of how a consolidation loan might work out:

Let us assume that you have three outstanding loans. The monthly payments are: $75 for one loan, $100 for the second loan, and $125 for the third loan. On a monthly basis you are paying a total of $300 to cover all of the bills.

Using a consolidation loan the new lender would assume those bills for you and then invoice you one single bill per month. In this case, the one monthly payment might be $200, which saves you $100 per month. Keep in mind that as you pay less per month you may also have to pay longer. In other words, it may take quite a bit longer to pay off the full amount than it would if you were to continue paying the three payments separately.

When it comes to debt consolidation loans, consumers have many options and even some special options. Under the special options there are programs for consolidating student loans. With the cost of higher education becoming more expensive the vast majority of students require some type of financial aid. Student loans play a big part of that financing. As costs rise, however, most students and their families find that they need more than one student loan in order to pay the bills. When these separate loans are added up on a monthly basis they can become very expensive. Thankfully, there are many debt consolidation loan programs available for paying off student loans.

Consolidating credit card debt is another popular reason for using this type of loan. Many consumers are finding themselves in trouble with credit card bills that come into the home month after month. By using a consolidation loan, many credit card holders can reduce the amount of real cash that has to be sent out each month. For some individuals and families this is a very important benefit.

Debt consolidation loans have some drawbacks as well. They can be seen by some lenders as a warning sign that a prospective borrower is in trouble. Another drawback is that some debt consolidation lenders will ask that you put up collateral before they grant the loan. Not all lenders will ask this of you, but some may. A lot of whether or not collateral will be needed will depend on the amount of the outstanding loans as well as your own credit history.

Consumers can find a lot of solid information about the various debt consolidation loan programs available by doing some research on the Internet. Be sure to read the fine print before signing up for any program.

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About the Author:

Peter Kenny is a writer for The Thrifty Scot, please visit us at Debt Consolidation Loan and Debt Help

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