All the information you need to make an educated decision
Private Student Loan Consolidation
Federal Student loans are often not enough to cover the full expense of a college education. Therefore, private loans are sometimes a necessary choice for students seeking higher education. You may have received these private loans from such top loan providers as Citibank, Bank of America, and NextStudent. The next step in repayment is private student loan consolidation.
There are a number of benefits to consolidating your private student loans--if you currently have multiple loans and loan payments and consolidate your private student loans, you would have one monthly payment. You may also be eligible for a lower interest rate. If your current student loan debt exceeds 8% of your income or if you have borrowed more then $5,000 in private loans and are struggling financially, a consolidation loan can help you avoid loan default, which negatively impacts your credit rating.You cannot You cannot consolidate private and federal student loans into a single consolidation loan because you lose the benefits of your federal loan.
Smart budgeting can mean fewer student loans
Setting up and following a budget while you are in school may mean that you don't have to graduate with so much student loan debt. Check out these smart budgeting tips to save a bundle later.
Education Loan Changes Effective July 1, 2009A number of changes to student loan interest rates, origination fees, and repayment plans took effect on July 1, 2009. Read on for a summary of the changes.
Applying for a Direct Consolidation Loan: The 9 StepsIf multiple educational loan payments are getting you down, think about applying for a Direct Consolidation Loan. You may be able to cut the multiple-payment stress and, in some cases, even reduce the interest you're paying. Here are nine steps to help you complete an application.
Information on Private Education LoansBefore you rush out and apply for a private education loan, make sure you apply for all other aid, shop around for the best deal, think about how much to borrow, and understand your repayment options. This information may help.
Educational Loan Forgiveness for Public ServiceBeginning in 2017, you may be eligible for loan forgiveness on student or parent PLUS loans if you have worked in a public service position and made payments on thel loans for at least 10 years.
Guide to No Cosigner Student Loans
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