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Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule – consolidate college loans

September 22nd, 2011

Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule

Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule

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Home Page > Education > College and University > Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule

Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule

Posted: Jun 22, 2006 |Comments: 0
| Views: 427 |

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Students Should Consolidate Student Loans Before July 1 Following Repeal of Single-Lender Rule

The single-lender rule was repealed June 15, 2006 when President Bush signed the emergency supplemental spending package, H.R. 4939, into law, following the Senate’s approval. In a vote of 98-1, the Senate passed the bill earlier in the day after it passed the House June 13 with a vote of 351-67.

With the repeal of the single-lender rule, student loan borrowers now are able to consolidate their student loans with whichever lender they choose. No longer is there a stipulation that borrowers have to consolidate student loans with their original lender.

President Paves the Way for Students to Benefit

President Bush has awarded student borrowers the opportunity between now and July 1, when interest rates increase, to be able to consolidate and lock in at a much lower interest rate. In less than two weeks on July 1 federal student loans (http://www.nextstudent.com) will be impacted by the second-largest rate increase in the history of the program as rates will rise 1.84 percentage points.

The forthcoming increase on interest rates is due to the Deficit Reduction Act of 2005, S. 1932, which was passed Feb. 8 when the president signed the bill into law. The bill also included a total of .7 billion in cuts to the federal student loan program.

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Stafford and PLUS Loan Increases

Interest rate increases will affect various students loans including Stafford and PLUS loans. Student borrowers should take note of the following increases set to take effect: A new fixed rate of 6.8 percent for Stafford loans disbursed on or after July 1, 2006; and a new fixed rate of 8.5 percent for PLUS loans disbursed on or after July 1, 2006.

Borrowers looking to consolidate their outstanding student loans now are in the best possible position, according to NextStudent, the Phoenix-based premier education funding company. With less than two weeks remaining until the July 1 deadline, there still is time for students to consolidate with the lender of their choice and at a low interest rate.

NextStudent’s Low Rates

NextStudent features a 2.5 percent interest rate for qualified borrowers, with applied benefits. The following benefits are:

• A .60 percent rate reduction for those student borrowers who consolidate after they graduate

• A .25 percent rate reduction for student borrowers who opt to use Auto Debit

• An added 1 percent rate reduction for those student borrowers who make 36 consecutive on-time payments

NextStudent is a well-established company with a reputation for catering to borrowers’ needs. It specializes in consolidation of all forms and offers low rates along with its aggressive benefits and discounts in order to bring to borrowers the best possible advantages of student loan consolidation.

Through student loan consolidation (http://www.nextstudent.com/consolidationloans/consolidationloans.asp) all of a student’s loans are combined into one at one low interest rate, making it financially easier for borrowers. Payment terms can be extended and thousands saved over the long term.

The signing of the legislation that repealed the single-lender rule will help student borrowers throughout the country to consolidate their loans with the lender of their choice at a much lower interest rate. However, students are urged to consolidate before the interest rate increase on July 1, less than two weeks away. After that date, rates will increase and students will lose their chance.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about student loans at http://www.nextstudent.com/.

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Jeff Mictabor -
About the Author:

Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.

http://www.nextstudent.com

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Why Student Debt Consolidation Loans Might Be the Solution for You – consolidate loan student

September 21st, 2011

Why Student Debt Consolidation Loans Might Be the Solution for You

Why Student Debt Consolidation Loans Might Be the Solution for You

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Home Page > Finance > Debt Consolidation > Why Student Debt Consolidation Loans Might Be the Solution for You

Why Student Debt Consolidation Loans Might Be the Solution for You

Posted: May 18, 2011 |Comments: 0
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Student debt consolidation loans may be an option for you to consider if you are a student or a recent graduate who is struggling to pay for the student debts.

Graduating from a university is not a cheap process, and though the universities provide you with ample technical and practical knowledge in your field, they rarely focus on the aspect of money and the impact it has on your life. Being a recent graduate, you already know that finding the right job for you is not a walk in the park. And with all your student loans to consider, it is not surprising that you start feeling the pressure of your finances.

But this is only natural. You are now an adult who is capable of making one’s own decisions and debt is just one of the many problems you will have to face in life. So instead of feeling pressured or frustrated you need to plan carefully to deal with your debts.

One way of dealing with student loans is to apply for one of the student debt consolidation loans. This loan can help you to overcome most of your private/federal student loans. But before applying for any student debt consolidation loans, it is better to educate yourself as to how this loan process works and what effect it has on you.

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Student debt consolidation loans are a single loan that pays all your other student obligations. Therefore, you will just have to concentrate on paying a single loan payment on a monthly basis.

One of the main advantages of this loan is that it can be repaid on an extended time period (sometimes up to a period of 30 years), so the amount to be paid monthly is reduced significantly. Also the interest rate for it is significantly lower when compared with that of personal loans.

Though the above advantages may make this sound lucrative, there are some drawbacks that accompany it. The amount to be paid monthly is significantly reduced, because of the extended time frame for repayment, you might end up paying much more than what you borrowed. In some cases the interest rate may end up being more than that of personal loans making it more disadvantageous for you.

So before making any kind of decision on your loan, you will have to know exactly what your present situation with student debt is. Think about your situation based on the following points:

1. At present what is your position financially? 2. Are there any options for you to consider? 3. In case you are not able to make your required payments, what are the consequences you will have to face? 4. Is it possible for you to negotiate any kind of deal with your creditors to lower your debt amount?

After assessing your present situation, organize you debts so that you know where you stand financially. Usually organizing your debts based on their annual percentage rate (APR) will help you to know about your present financial situation. Therefore, get a pen a notepad and organize your debt as follows:

Name/Organization
Total Loan Balance
APR (Annual Percentage Rate)
Current Interest Rate
Monthly Due Date
Amount Due

By organizing your loans in the following way, you could effectively assess your present situation and also know more about your cash flow.

With the above available information you can quickly decide as to whether you can manage to make payments as you are doing at present. Also, think about applying for one of the student debt consolidation loans therefore giving you more options.

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James Rudd -
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James Rudd teaches people about money and has authored two financial books. He created Debt-Consolidation-Help-101.com providing information about debt issues such as student debt consolidation loans

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I am 62 years old ,retired and a home owner with home owners insurane. Can I apply for a reverse mortgage loan or any other debt consolidation loan
I want to get a debt consolidation loan but I was discharged from a consumer proposal 5 1/2 years ago can someone help me get a loan?
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