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Welcome to Student Loan
Consolidation |
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We're glad you're visiting our
Student Loan Consolidation resource. At Student Loan
Consolidation you will find great resources, articles, links
and more about Student Loan Consolidation.
We hope you enjoy our Student Loan
Consolidation website, and
we wish you the best!
~ The Student Loan Consolidation Staff
Unpaid student loans can lead to a real
financial disaster if not managed properly. Student
consolidation loans are an effective debt management
strategy highly beneficial for both students and lenders. |
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The term 'consolidation'
is a misnomer in case of student consolidation loans. In
reality, none of the loans are consolidated. In case of
student consolidation loans, all the existing debts of the
student are paid off by the lender. Now the student is left
with a new loan with a new interest rate and new repayment
plan. Apart from the advantages, student consolidation loans
are associated with certain pitfalls and need to tread
carefully.
The most significant advantage of a student consolidation
loan is the longer repayment period of up to 30 years.
Interest rates are also low and the student is required to
pay less towards monthly payments. However, the negative
side of this arrangement is that extending the loan term
will increase the amount paid towards interest.
All student loans include a grace period of six months after
which the loan repayment actually begins. This grace period
starts once the student has completed his/her studies and is
in the job market. Interest rates on student loans tend to
increase once this grace period is over. Hence, students
willing to consolidate their loans should opt for the same
during the grace period.
Another advantage of a student consolidation loan is that
one does not bother about maintenance of bills or multiple
payments. Only one single monthly payment has to be made to
a single lender.
According to the federal law, if all of the borrower's
existing student loans have been obtained from one single
lender, the borrower must make the first request to the same
lender for a consolidation. If the loans are present with
multiple lenders, the borrower may contact any of them or
any other private lender for a loan consolidation.
Here are some articles to start with.. |
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The Best Student Loan Consolidation Plan That Is Perfect For You Is Out There - Go Get It.
By Sinta Makah
If you have even a passing interest in the topic of student loan consolidation, then you should take a look at the following information. This enlightening article presents some of the latest news on Read more...
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Student Loan Consolidation-the Good, Bad, And The Ugly
By Dan Johnson, Thu Dec 8th
With tuition costs rising across the country, it has becomeincreasingly necessary for college students to take on debt inan effort to get their degree. But student loan repayments areoften Read more...
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