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Student Loan Consolidation May Get you Up to 20 More Years to Pay Off your Student Loans

admin — Fri, 25 Dec 2009 09:01:46 +0000

If you’re a former student or a college parent with any outstanding federal student loans, you may be able to get up to 20 more years to repay just by consolidating your eligible federal parent or student loans. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down. You may be able to cut your monthly student loan payments by up to 42% — just by consolidating!

Cut Your Payments on Your Student Loans by up to 42%

Here’s an example of how you can lower your monthly student loan payments when you consolidate your federal college loans and take advantage of a longer repayment term: Estimated monthly payments on a $75,000 student loan consolidation fixed at 7.25% and repaid over an extended term of 30 years are $512, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — that’s a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the parent or student loans you’re consolidating.)

Get More Time to Repay Your Student Loans

Federal PLUS parent loans and Stafford student loans are issued with standard repayment terms of 10 years. You may be able to get up to 30 years to repay these federal parent and student loans when you consolidate them into a student loan consolidation.

How long you get to repay will depend on the total outstanding balance of your education debt: If your outstanding education debt totals $20,000 – $39,999, you’ll have 20 years to pay back your student loan consolidation.? If your outstanding education debt totals $40,000 – $59,999, you’ll have 25 years. If you have $60,000 or more in education debt when you consolidate your federal student loans, you’ll have 30 years to pay back your Federal student loan consolidation.

No Fees. No Credit Checks. No Prepayment Penalties.

Even though you can get more time to repay your federal parent and student loans by consolidating, there are no prepayment penalties on a Federal Consolidation Loan, so you won’t be assessed any additional fees for paying more than the minimum each month or for paying off your student loan consolidation early, should you choose to.

There are also no application fees, no processing fees, and no credit checks when you consolidate through the federal student loan consolidation program.

Replace Your Variable-Rate Student Loans With a Fixed-Rate Consolidation Loan

If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. But you can put an end to rate increases and rising payments when you consolidate your parent or student loans.

The federal student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal

student loans, you’ll replace your variable-rate college loans with a fixed-rate consolidation loan, so you won’t have to worry about interest rates rising and leaving you guessing about your monthly payment amount.

Make Just One Payment for All Your Federal Student Loans

If you have multiple student loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a Federal Consolidation Loan could help make your student loan repayment easier to manage.

With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your consolidation loan.

Consolidate Your Private Student Loans

If you have private student loans in addition to your 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 able to consolidate your private student loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.

By: Jeff Mictabor

Direct Student Loan Consolidation

admin — Fri, 11 Dec 2009 13:41:45 +0000

But before getting a direct student loan consolidation, you should better know the types of plans for repaying. There are four major types.

1. Standard Repayment Plan

Standard Repayment Plan allows you a fixed monthly payment for up to 10 years depending on the amount you owe.

2. Extended Repayment Plan

You can be allowed up to 30 years in an extended repayment plan. So it becomes easier for you to repay a less amount each month which makes it a healthier finance for you. But if you are opting for longer repaying periods you will be charged a higher interest for it but you will feel it easier to pay less in each month than a less interest & paying a larger amount at the end of the month.

3. Graduated Repayment Plan

Graduated Repayment Plan usually have a repayment period between 12 and 30 years. The main difference between graduated and extended repayment plan is that for graduated, the amount of your monthly payment will increase every two years.

4. Income Contingent Repayment Plan

If you have a job, then this plan may be what you are looking for. Based on your gross annual income, a monthly payment plan will be set for you.Other factors may include your family size and the amount you owe. The repayment period it offers is usually 25 years.
So, direct loans are the best option when you are having difficulty in repaying your student loans, because it not only provides you to pay less interest over the long term but it also improves your credit rating as well.

BEST STUDENT CONSOLIDATION LOAN PROGRAMS

After getting the ‘higher studies’ loan the biggest problem is, HOW to repay it? If the monthly repayment installment seems very huge then the only solution to it is the student loan consolidation. It’s main aim is to improve your financial situation for attaining higher studies.
The benefits of consolidating student loans are:

1) With this facility you can lower down your monthly repayment.

2) Improve your credit score.

3) You can also get a reduced debt income ratio.

Many money saving incentives are provided by these student loans consolidating packages. Therefore if you get the detailed knowledge of different incentives they offers then it will surely help you to make the right choice of the best programs available. It is better if you chose the company giving you the least amount of interests with good benefits. The following tips will help you to find the best student loan consolidating package:

Interest Rate Reductions:

With the student consolidation packages some student loan companies often offer you money saving incentives like interest rate reductions. If you find it out carefully you can even find some companies giving a total interest rate reduction of up to 1.75%.

On Time Payment’s Interest Rate Reduction:

Yes it is not a joke, if you wish to repay the loan on time you can get rewarded by the company. You can get interest rate reduction up to 1% by some student loan companies.

Auto Pay Interest Rate Reduction

If you are allowing a self-deduction from your account to repay your student loan then this mode of payment can reduce the interest up to 5%. This will also give you freedom from paperwork and late payments. Therefore you can save significant amount of money in the long run.

Cash Back Programs

After you have paid a number of consecutive on time repayments (the number will be mentioned) certain student loan consolidation companies offer you cash back option i.e, sometimes you can get cash back of 1%.

Now its your choice after comparing all the savings, incentives options & other benefits of the various student loan consolidating companies, that which is the perfect one. A basic knowledge about these companies can help you in the long run.

Lawsuit Settlement Loans and Motorcycle Accident Civil Suits

admin — Thu, 10 Dec 2009 10:37:09 +0000

When it comes to motorcycle accidents you’re talking about one of the most serious types of accidents that can occur related to moving vehicles. Motorcycle accidents usually result in very serious injuries if not fatalities. According to the National Center for Statistics & Analysis in 2005 4,553 motorcyclists were killed with an additional 87,000 injured in the United States; these means 5% of all motorcycle accidents result in death. Unlike common belief, less than one forth of all motorcycle accidents aren’t due to negligence of the motorcyclist. Majority of the people involved in motorcycle accidents receive serious injuries and the lawsuits related to motorcycle accidents can take years to reach a verdict.

How does someone injured severely in a motorcycle accident financially support themselves during the long process of their lawsuit? One answer is a lawsuit settlement loan. Lawsuit settlement loan providers understand that a motorcycle accident can leave the motorcyclist severely injured and unable to work; in this same process since they are injured and cannot work it’s impossible for them to keep up with bills; including medical bills, mortgages, car payments, etc. Due to that specific reason many plaintiffs in motorcycle accident lawsuits seek settlement loans to get cash to financial survive during their pending lawsuit.

Your probably wonder, “What is a lawsuit settlement loan?”. It’s really a simple concept; it’s when a settlement loan provider gives you a monetary loan based on your motorcycle accident lawsuit. They review the case and speak with your attorney to see how sound the pending lawsuit is against the defendant and then determine how much money the plaintiff can be loaned. You can specifically ask for a certain amount in a settlement loan, or ask how much money you could be loaned if a lawsuit loan is required. This is a great option for a plaintiff who was seriously injured in a motorcycle accident due to the negligence of another driver.

The absolute best part of a lawsuit settlement loan is the fact it is not really a loan. It is actually a non-recourse debt; this is due to the fact that if you lose your pending lawsuit you are not required to pay back the settlement loan. That’s right, you “ARE NOT” liable to pay back the money they provided you unless you “WIN” your lawsuit. Another interesting fact is your credit history, employment history and income do not play any role in the approve process of a settlement loan. So, if you’re in the middle of a motorcycle accident and need access to cash why not consider a lawsuit settlement loan. You can learn more about lawsuit loans for motorcycle lawsuit cases below.

By: Legal Settlement Loans

Think Student Loans Private Student Loans & College Loans

admin — Tue, 28 Jul 2009 02:28:38 +0000

After graduating from high school, the next immediate concern that you will have is to get a job or a college degree. If you are planning to go to college, you will need a lot of money to finance your education.

However, not having enough money to pay for your school fees should not be a reason for you not to pursue your dreams of getting a college degree. There are many government institutions that are offering direct student loans to qualified students all over the country. The good thing about a direct student loan is that it is affordable and will only be payable once you have finished college or have left school.

Advantages of Getting Direct Student Loans

Getting a direct student loan has a lot of advantages. First, when you go for a direct student loan, you borrow directly from a government agency such as the Department of Education. Since you will no longer transact with any intermediary institutions such as banks and other lending institutions, you will most likely get lower interest rates.

The second advantage of getting a direct student loan is that you will be able to access your account 24 hours day seven days a week. When your application for a direct student loan is approved, you shall be provided with an account number and a password so that you can access the online portal of the government agency.

If you need information regarding your account, you can just log into the system of that agency using your account number and your password and then you can now get the information that you need.

The third advantage of getting a direct student loan is that it offers you flexible payment system. In most cases, you will be given at least three options to pay for your direct student loan after you graduate from college and find a job. The first option that you have to pay the direct student loan of equal monthly payments for a certain number of years.

The second option is the graduated scheme where you will start to pay in smaller amounts during the first few months after you have graduated but later on the amount of your monthly payments will increase accordingly. Usually, the second option is more appropriate because you cannot really expect to earn big bucks immediately after you graduate from college.

The third option that you have in paying your direct student loan is the income sensitive scheme where your monthly amortization shall be computed according to your income. The third option is favorable to you but sometimes could become a bit complicated if you transfer from one job to another and your income fluctuates.

Watch the video related to student finance direct

Think Student Loans Private Student Loans & College Loans Flexible repayment options for student loans, no minimum or maximum loan amounts or fees (direct consolidation loans), varied deferment options, and reduced monthly payments.Several loans may qualify for federal student loan consolidation…

Help answer the question about student finance direct

When applying for a univeristy student loan, what do you put if your household income is variable?
I'm applying for student finance to help me through university that im starting in september. My mum is a saleswoman, and works on commision and so our income is variable. What can i put for her total income as it's never a set figure?

I would ask the direct.gov.uk site directly, however its currently easter so no one is there to answer and i want to get this done asap.

About Author

John Mailer’s articles look at students financial problems and the best student loans consolidation ideas using private student loans. His other site is about the thrills of whitewater rafting

Article Source: ArticlesBase.com – A Direct Student Loan Offers Reduced Repayments At The Start