Weighted Average Of Loans Rounded Up To Nearest 1 8Th Student Loan Consolidation Companies – How to Choose the Right Company For You

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Student Loan Consolidation Companies – How to Choose the Right Company For You

Student loan consolidation is a way for graduates to consolidate all their student loans into one loan. This loan is made by a lender. Lenders pay off multiple loans in full, allowing students to pay off one new loan. Students no longer have to pay off student loans with billing cycles, dates or interest rates. They now have one loan and one interest, which is paid to one lender.

When considering a loan. You should do the research. Find out the terms of the contract, monthly payments, and interest rates for each loan and lender before looking for a loan company or program. When choosing a company or program, be sure to compare them; know the terms of the contract, the interest rate and the obligation. Once you have chosen a company or program that you think is right for you, you provide them with the information you have gathered.

There are federal and private student loans. Federal loans allow students to consolidate all their federal loans into one new loan.

The government provides federal programs such as:

o The Federal Family Loan (FFEL) program. The FFEL will soon be replaced by the Direct Loan and Pell Grant programs and the Federal Direct Student Loan Program (FDLP). These programs allow students to get loans from Stafford Loans, Federal Perkins Loans and PLUS Loans combined into one federal loan. These are fixed income loans backed by the US government, offered to students and parents.

o The Federal Direct Student Loan Program (FDLP) was created by the US Department of Education to help parents and students with their loans.

Private Loan Consolidation consolidates private student loans into one new loan. Before considering private loan consolidation, apply for a federal loan, the purpose of which is to increase the federal loan that is available. Private companies like Sallie Mae recommend it.

Here are some federal loans:

o Perkins loans are funded by the government. They have very low interest rates but are based on need, a financial authority will determine if a student is eligible.

o PLUS loans are for parents of undergraduate students. PLUS student loans are also available. Payments under this plan will begin once this loan is approved. A PLUS loan allows you to take up to 10 years to repay. Commercial banks and online lenders offer PLUS loans for parents and students.

o Stafford Loans offer low interest rates. They don’t raise their interest rates higher. Stafford loans do not require students to pay interest while in school and do not have to repay the loan within six months of graduation. Offers 10 years for review.

Here are a few private companies that offer loans:

o Loan Approval Direct offers up to 3 percent interest. Reduce monthly student loan payments by up to 60 percent.

o SLM Corporation or commonly known as Sallie Mae. Sallie Mae offers a variety of options depending on the type of school or educational program for the student. Such programs include the Federal Stafford Loan, Parent PLUS Loan, Graduate PLUS Loan, Sallie Mae Smart Option Student Loan, Continuing Education Loan and Career Training Loan.

o Citibank provides programs such as CitiAssist Undergraduate and Graduate Loan, CitiAssist Health Professions; CitiAssist Residency, Relocation and Loans; and the CitiAssist Law and CitiAssist Bar Exam Loans. Students receive a 0.25% interest rate reduction on the auto-debit payment program. These programs take 20 to 25 years to pay back.

o EdFed is another private company. By choosing one of their plans, a student can reduce their monthly payment by up to 60 percent. They also provide interest payments. EdFed’s fixed interest rate is the weighted average of the interest rates a student has accrued, rounded to the nearest 1/8 percent.

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