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Student Loan Debt Consolidation – How To Reduce The Burden Of Student Loan Debt

It’s not enough to be a student who gets good grades and gets a degree and gets a good paying job. What makes it difficult is the rising cost of tuition, fees, books, and living expenses during the years of school. There is no doubt that the trend in college and university prices has been steadily rising over the last decade. During the 2004-2005 academic year, approximately $129 billion in financial aid was awarded to undergraduate and graduate students. Additionally, these students borrowed nearly $14 billion from non-federal sources to help finance their education according to the College Board’s Trends in Student Aid (2005) report. Adjusted for inflation, financial aid awarded to undergraduate and graduate students increased nearly 100% from 1994 to 2005.

Why are students borrowing more now?

The gap between college and university tuition has widened and financial aid is causing students to take on more debt. Many students consider student loans to be a good investment because they allow them to complete their education with a better chance of getting a job and a better life. As students borrow more and often take out more student loans today, however, this can create a financial burden. This can delay things like buying a new home, car, marriage, and raising a family.

How does student loan consolidation work?

Also called a federal student loan, it repays some or all of an eligible federal student loan and replaces multiple payments that are made in a single payment. Payment terms can be extended to make payments easier. The interest rate is a fixed rate for the entire term and is calculated as a weighted average of the combined loan amount of 1/8% not exceeding 8.25%.

What student loans can be consolidated?

1. Federal and Federal Direct Stafford (subsidized and unsubsidized)

2. Federal and Federal Direct PLUS SLS (Supplemental Student Loans)

3. Federal Perkins

4. Federal Nursing Student Loans (NSL)

5. Federal Health Education Loan (HEAL)

6. Federal Health Professional Student Loans (HPSL)

7. Disadvantaged Student Loans (LDS) for Healthcare Professionals (HPSL)

8. Federally Secured Student Loans (FISL)

If someone has bad credit, can they still consolidate their student loans?

Under the federal student loan consolidation program, no credit check is required, however, if a loan is in default, three consecutive payments must be made before the loan can be consolidated.

Which Lenders Consolidate Student Loans?

The Internet is an excellent resource for comparing student loan loan rates and offers. It’s just a matter of taking some time and comparing the different incentives between lenders.

Lenders can offer additional incentives to consolidate student loans. For example, depending on your current student loan balance, some lenders may offer a loan or lower interest rate if your payments are made on time. ball. Or, if a couple has individual student loans and wants to consolidate and consolidate their loans.

It shouldn’t be a shock to anyone who needs a student loan to get out of college or university or have a hard time late after graduating and returning to work.

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