Government Student Loan Consolidation Pros and Cons

By Dominic Joseph

Student loans can feel like a crushing burden to many people. One possible solution is government student loan consolidation. Although this can certainly lower your overall monthly burden, it's important to do your research before you rush out to consolidate. There are some specific negative consequences you should also be aware of.

First off, let's discuss the benefits of government student loan consolidation. Once you consolidate, you will have a stable interest rate below 8.25%. This rate can never change so it will make planning for the future much simpler than it was before at a variable rate that could shift with the economic winds. You can also choose to extend the term of the loan out to 30 years which will significantly lower your monthly payments. All of this can be accomplished in a very simple loan application process. And don't worry about fees, credit checks, or prepayment penalties, because none of these apply.

It may seem like a slam dunk case, but there's more to it than that. When weighing government student loan consolidation, you must consider the negatives. There are two specific situations when you should never consolidate. If you are near the end of your loan term, there is no benefit and when your consolidated rate would be higher than your current rate you should absolutely hold off. There are additional reasons that might figure into your decision though. Consolidating now could mean missing out on a lower interest rate in the future since you can only take advantage of government student loan consolidation once. You will also lose your 6 month post graduation grace period once you consolidate.

Given all of these factors, take the time to look over your specific situation. Do further research and try to determine if government student loan consolidation is right for you.

Dominic J offers financial advice on how to lower your monthly bills. He has also written a detailed description of government student loan consolidation procedure. Stop by his madhubber profile at HubPages to read similar articles. Article Source: http://EzineArticles.com/?expert=Dominic_Joseph

Applying For a Student Loan Should Not Be a Hassle

By Aaron McLain

Imagine the application process for a student loan was easy. Imagine you don't have to worry about school costs. You don't have to worry about, books, fees, and tuition. Imagine starting off each academic year not worrying about how you can afford to continue school. Today, applying for a student loan is easier then ever.

There are many sources for money. Lenders everywhere offer loans tailored specifically for students. Although not all these loans are easy to acquire, a majority are.

Don't jump in head first. Take your time. Research your options. But don't make life more troublesome than it needs to be. Pick student loans that offer an easy application process. You will have enough to worry about with your studies.

Before you begin looking for student loans, determine how much money you need. How much would you need to complete college? In addition, you should determine what kind of loan would be to your advantage. Talk it over with your lender. Be sure to ask questions. Do not leave until you understand exactly what you're getting into.

You probably will want to include your expenses in your student loan. You know you will need books. Then there is tuition. Don't forget lab fees. Be sure to include all of these and any other expenses you can think of in your loan. Things you might consider are food and transportation.

Your credit rating is a big factor when applying for a loan. It can be the difference between being accepted or needing a cosigner. If you have great credit then you're pretty much set. If not, look into ways of repairing your credit. It is important not only for student loans, but also for everything in your future. When you buy a house, a car, or need another loan. Do what it takes now to improve your credit. It will help you to get the student loan you need to advance your career.

Read Aaron's article about student loan consolidation rate. Article Source: http://EzineArticles.com/?expert=Aaron_McLain

How to Find a Student Loan Consolidation Program

Student loan debt chasing you as quickly since you start your first day off campus. You have worked hard for four or more years to get the training you need to get your dream job. You always dream of your dream for them. You are determined to reach them since the first day in the first degree. Graduate of the University is a beautiful and fun. You then enter a new phase of your life and your free trip to the dream life for you. But what is waiting in front of you is your student loan debt . Now it begins to haunt you. Actually, you're not alone. Millions of students around the world are facing the same problem when they went so well, and found in the labour market weight, pressure, and even harder to pay one way with the bills and debts. But there is help in the form of student loan consolidation program.

Student loans and debt consolidation programs and have been designed to provide support for students. These student loan and debt consolidation programs consolidate all their debts and loans to a loan that is placed on a single monthly payment and interest rate levels. These will help you to build good credit with a new loan. You should take a time to check your student loan programs to give you a more comfortable and the future stability of the financial system. You need to have a proactive initiative in dealing with credit counsellor. You need to know how to negotiate with lenders and loan officers, and find the information very valuable for your future. Dealing with the experience credit counsellor will help you to choose the right loan and the action plan from the consolidation process.

There is various student loan consolidation programs are. You should consider one of these student loan and debt consolidation program to free itself bound with your student loan debt and the financial future for a more orderly and safer since the first day you leave the campus. It's up to you gain your ambitions and dreams and you have responsibility for your own financial affairs.