Loans Graduate

Loans Graduate

Student Loan Consolidation and Borrower Assistance Programs

The primary reason for entering into Student Loan consolidation is to eliminate multiple payments and reduce overall interest. In order to consolidate multiple loans, students must apply for a new loan through a lending institution or apply through borrower assistance programs.

Student loan consolidation can be beneficial for law and medical school post graduates who oftentimes have five or more loans. After graduation, students must keep track of multiple payment dates and apportion funds to cover each installment. When students submit late payments they may be assessed with late fees and penalties and run the risk of causing harm to their credit rating.

Several factors must be considered prior to consolidating education loans. It is best to retain the services of a financial planner and carefully consider the advantages and disadvantages of College loan consolidation. At minimum, conduct research via the Internet to determine available options and to comparison shop for the best deal.

When graduates consolidate college education loans they must apply for a new loan to pay off all other Student Loans. Nearly all federal and Private Loans can be consolidated including: Health Professional, Guaranteed, Perkins, Stafford and Direct Loans.

Graduates carrying both unsubsidized and subsidized College Loans will have different financing needs than graduates with one type of loan. It is important to note that lenders are required to track payments of subsidized loans. However, lenders can combine subsidized and unsubsidized loans together. Graduates will have one payment and banks will contribute appropriate funds for each type of loan.

In order to consolidate Federal Student Loans graduates must meet lending criteria. Eligibility requirements include: waiting six months from graduation before applying for loan consolidation; paying three full loan payments; being current on all loan payments; and having an appropriate FICO score.

Students holding SallieMae student loans are now required to apply for student loan consolidation through a conventional lender. Unfortunately, Congress made legislative cuts which have caused SallieMae to cease participation in the Federal Loan Consolidation program.

Graduates with SallieMae college loans can obtain loan counseling through a SallieMae financial advisor to determine which repayment plans are available. College Loan payment program details can be located at SallieMae.com.

The United States government offers a sponsored College Loan Consolidation program for post graduates who obtained Direct Loans financing. This program is a preferred choice amongst graduates who have not had time to establish a solid credit history or adequate FICO scores because applicants are not required to undergo a credit check. Debt consolidation details can be found at LoanConsolidation.ed.gov.

Graduates who do not qualify for student loan consolidation should investigate loan consolidation alternatives such as tuition deferment, forbearance programs, and student loan forgiveness. Under certain circumstances, students holding degrees in public service fields might be eligible for loan forgiveness. Students in need of loan consolidation alternatives can learn which options are available by visiting CollegeScholarship.org.

About the Author

Author and investor, Simon Volkov, shares information and resources for student loan consolidation and personal money management strategies via his website. Visitors can discover a wealth of get out of debt information, along with insider-secrets and wealth-building strategies by visiting www.SimonVolkov.com.

Are Private Student Loans renewed yearly until you graduate?

What do I have to do to renew a PRIVATE student loan every year until I graduate? Is this possible?

You have to GET A NEW one every year until you graduate, as needed... That's why you should avoid getting one unless you absolutely have to (& yeah, I get it, 'cause I need them, lol) and they CAN cause problems for your credit, and they CAN turn you down for later loans if you "borrow beyond your means"... So always borrow the lowest possible amount you can...

But yes, you have to get a new one (can't really "renew") EVERY year.

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