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How Consolidating Student Loans Can Be An Efficient Way To Manage College Debt – consolidate college loans

May 10th, 2011

How Consolidating Student Loans Can Be An Efficient Way To Manage College Debt

How Consolidating Student Loans Can Be An Efficient Way To Manage College Debt

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Home Page > Finance > Debt Consolidation > How Consolidating Student Loans Can Be An Efficient Way To Manage College Debt

How Consolidating Student Loans Can Be An Efficient Way To Manage College Debt

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Posted: Feb 05, 2010 |Comments: 0
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The consolidation of student loans can be a huge lifesaver for graduates who can’t afford to make their student loan payments. A college education is not cheap, and it is seemingly unattainable to get a degree without obtaining at least several student loans. Nonetheless, these loans don’t have to rule your income for potentially decades to come.

Academic loans can accumulate large amounts of student loan debt that virtually hits you from nowhere. It is very easy to forget that you are increasing your debt while enrolled in school. Most, if not all, loans are offered on what’s called an academic deferment basis, meaning you’re not required to make any student loan payment until your academic career is completely finished. Many of these loans also charge interest while you attend classes, although as previously mentioned no payment is required until after you graduate.

Six months after you graduate or dropout of school, or in some cases even fewer months, your student debt begins the repayment period. Loans received at the beginning of your college career may feature repayment terms of about ten years, but that can vary depending upon the kind of academic debt you are paying off. Once the repayment period begins, you have to start making the loan payments in order to maintain a clean credit history, even if you have not found employment in your desired field.

Masters, doctorates, med school and law school are some of the most expensive types of schooling. In these areas, you could easily accumulate hundreds of thousands of dollars in college loans and interest by the time you get your degree and start employment in your field of choice. In the case of doctors, you will likely be required to begin the payment process on your financial aid debt before finishing your residency. Additionally, lawyers are also expected to start paying back their student loans when they complete law school, and this holds true even if they have yet to take the bar exam. So bear in mind, you will in many cases be obligated to start paying this considerable amount of debt months, or even years, before you start realistically making enough money to comfortably pay it back.

The only method to help make this debt more manageable is through combining your student loans into a single loan. Consolidating student loans basically makes your student debt much easier to manage. The bank that consolidates your college debt begins by buying up all of your student loan debt. In a nutshell, they are forgiving all of the student loans in your name. This debt is now handled as one, lump sum consolidation loan that you are obligated to payback monthly based on your current income levels.

And not only will consolidating your student loans make your payments more manageable, consolidation may also reduce the total amount paid on your student loans. A large amount of debt consolidation loans carry reduced interest rates than at least a few of your previous student loans. Additionally, you also avoid several finance charges and late fees which can add up faster than you think.

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Joe E -
About the Author:

Joe Eitel is an accomplished freelance writer who is an expert in financial aid and consolidation. If you’d like to learn more about student loan consolidation or other topics related to financial aid, visit: Consolidating Student Loans

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I’d like to get a payday loan then pay back when i get my student loan on november 8 th of 2010, is this possible. i’m getting over 3,000 back and can provide a statement from the college
What are current student loan rates?
What are federal student loan limits?

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student loan consolidation, student loans, student debt, college, financial aid, consolidating student loans, student loan payments

Student Loan Consolidation: Make your Student Loan Repayment Easier to Manage – student loan consolidation

September 23rd, 2010

Student Loan Consolidation: Make your Student Loan Repayment Easier to Manage

Are you a May graduate with student loans looking at six-month grace periods that are ending sometime this month? If you’ve got multiple student loans going out of grace and into repayment, you’ll soon be faced with trying to juggle multiple bills, multiple due dates, and multiple monthly payments.

But you could eliminate the hassle of multiple student loan payments and help make your student loan repayment easier to manage by consolidating your eligible federal student loans with a Federal Consolidation Loan from NextStudent, a leading Phoenix-based education funding company.

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What’s Federal Student Loan Consolidation?

Student loan consolidation allows you to combine your eligible federal student loans into one single consolidated loan with one lender, one monthly bill, and one convenient monthly payment. To be eligible to consolidate your student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.

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Consolidating Federal Parent PLUS Loans

Parents with federal parent loans are also eligible to consolidate. Parents can consolidate the PLUS loans they took out to help you pay for school as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school full time. Although your parents can consolidate their PLUS loans, you won’t be able to consolidate your own student loans with your parents’ PLUS loans.

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Take Advantage of All the Benefits of Federal Student Loan Consolidation

No fees
No cost to apply
No credit checks
No co-signers required
No prepayment penalties
Fixed interest rate
Repayment terms up to 30 years
One single monthly payment for all your eligible federal student loans

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There are never any charges or credit checks to apply for a Federal Consolidation Loan with NextStudent. And there are no prepayment penalties, so you’ll never be charged extra fees just for paying more than the minimum each month or for paying off your student loan consolidation early.

Student loan consolidation lets you lock in a monthly payment with a fixed interest rate. You may also be able to cut your monthly student loan payments by as much as 50 percent when you consolidate your federal student loans with NextStudent. A federal student loan consolidation could extend the repayment term on your student loans by up to 20 years; by extending your payments over a longer repayment term, a consolidation loan could lower the amount you have to pay each month.

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Private Student Loan Consolidation

If you have private student loans in addition to (or instead of) federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be eligible to consolidate your private loans separately with a NextStudent Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.

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NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.

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.

– student loan consolidation

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