Trans4mind Home Page
~ A Journey of Self-Discovery ~

Explore Article Library


Student Loan Consolidation - How To Get The Best Rates And Plans?

By Dean Shainin

Student loan consolidation can have many benefits for the career minded student. With the prices of things going through the roof, going to college can be very costly. Many students don't have thousands of dollars to pay their way through college.

This is why many college students use student loans to get themselves through college. When it comes time to pay back their student loans, it can be a real burden and a distraction from their career.

Before you sign up on the dotted line, you should know how to get the best student loan consolidation rate and plan for your financial needs. If you are tired of too many bills and monthly due dates, it just might be time to find the best student loan consolidation rate and plan that you can qualify for.

What Is The Idea Behind Student Loan Consolidation?

When a student first applied for several student loans from several different agencies and student loan providers, they each gave a different interest rate and term for paying back the loans. The idea of student loan consolidation, is to take all the different student loans and put them into one easy convenient loan. You then only have to make one monthly loan payment every month, instead of several loan payments every month over time. This saves the student both time and money. Having a lower interest rate and less checks to write every month are a couple of advantages of doing a student loan consolidation.

Credit Check Before You Get Student Loan Consolidation Rates And Payment Plans

The most obvious way to get the best student loan consolidation rates and payments, is by having great credit. It's easy to get great student loan consolidation plans with a credit score, also known as FICO, over 660. But, there are several ways to get the best student loan consolidation rates and payment plans.

You can do a simple online search on FICO and credit scores to find the information you need to check out your credit score. Knowing your credit information should be your first step to getting the best student loan consolidation rates. With knowledge, you will get the best student loan consolidation rates for your financial and credit situation.

Student loan consolidation rates and plans can vary from person to person. The loan rates offered will be based on your financial situation and credit. With a FICO credit score under 600, it can be a challenge to get a good student loan consolidation rate and plan in most cases.

7 Aspects To Consider With Student Loan Consolidation Plans

1. Lower Monthly Payments. Depending on your student loan situation and the type of lender you choose, you may be able to lower your monthly payments by up to 50%

2. Having Simple Loan Payments. By consolidating your student loans, you only have one loan payment per month and one check to write. This is very beneficial if you are writing several checks every month to multiple lenders.

3. Having Fixed Interest Rates. With some federal consolidation loans you can have a fixed rate for the life of your student loan. It's best to do research to see what the best interest rates and term you are eligible for. You can check online to calculate the interest rate on a new student consolidation loan based on the rates of your current student loans. You can then round up to the nearest 1/8th of a percent of the weighted average of the interest rates on your eligible student loans.

4. Extending Your Payment Period. You may have a lot of student loan debt. With federal consolidation loans you may be able to extend the payment term up to 30 years. It's a good idea to realize you will end up paying more interest over the life of your student loan consolidation. The idea is to get some leverage until your career takes off. You can focus on making money instead of several monthly loan payments.

5. In School Consolidation Programs. While still in school, eligible students can lock in a low rate. This would put you into repayment status, but since you are still in school, you are automatically put into deferment. The drawback of consolidating your loans while in school, is that you lose your 6 month grace period. The solution to this would be to request forbearance for up to 1 year on your student loan consolidation. Here again you can do some research and get more information online.

6. Lower Interest Rate. Student loan consolidation can save you thousands of dollars. You may be using credit cards with 10% to 28% interest trying to keep up with your bills. This can cost you thousands of dollars when you pay the minimum monthly payments on high interest credit card debt. Having a student loan consolidation may be your best option if you can get lower interest rates when consolidating your student loans.

7. New Interest Rates. With a new student loan consolidation, you may be able to get a much better interest rate. Interest rates are now at an all time low. You may have been paying on debt you built up from several years ago, at high interest rates. Things change over time in the financial industry.

Resources Online For Student Loan Consolidation Rates And Payment Plans

With today's Internet resources, you have an advantage when looking for the best student loan consolidation rates and plans online. If you take some time to do research on the process of getting the best student loan consolidation rates and plans, you may be able to save yourself the high costs on student loan consolidation.

Online website services can make it easy to see if you qualify. There are many tools and ideas online to help you get the best rates and plans available for your student loan consolidation needs.

Copyright 2005 Dean Shainin

About The Author
Dean Shainin is a consultant specializing in student loan consolidation. Get valuable resources, tools, information and more articles on student loan consolidation, visit this site: http://www.studentloanconsolidationtips.com


AND EXPLORE...

Addictions
Astrology
Careers & Employment
Communication
Creativity
Dating
Depression
Diabetes
Diets
Divorce
Education
Environment
Ethics
Exercise
Family
Goal-Setting
Grief & Loss
Happiness
Health
Kids & Teens
Leadership
Love
Marriage
Meditation
Nutrition
Organizing
Parenting
Psychology
Public Speaking
Relationships
Schools
Self Help
Self Improvement & Motivation
Sexual Relations
Spirituality
Stress Management
Travel and Leisure
Women
Writing


From our extensive site, you'll find good info on many topics using this search:

Want to renew your life?

Our online, interactive video workshops present the most effective methods of holistic personal development...
Start off with a Free Life Assessment and a Free Consultation...
 

Have a question about Trans4mind Training?

Frequently Asked Questions
What Are Our Fees?
Email Peter Shepherd

Support your personal development with these popular and effective hypnosis downloads...

This is our selection of favorites, but there's a session for every need! Choose from over 800 Hypnosis Downloads...
Search now on an issue that interests or concerns you...
 

Welcome to the New Wave in Meditation Technology

Click here to learn more about the iAwake Profound Meditation Program
The iAwake Profound Meditation Program
is a way of enhancing your meditation practice, making meditation not only easier and more enjoyable, but also more efficient and effective.
Profound Meditation provides the smoothest, deepest, richest, most profound meditation experience available anywhere...
Here is a link to a free 20-minute track from iAwake Technologies - a sample of the type of tools that will deepen your meditation immediately and help you quickly become a successful meditator. It's the opening track of iAwake's flagship product, the Profound Meditation Program, called the iAwake Experience...
Learn More and Download the iAwake Experience
We think you'll find this technology a tremendous aid on your transformative journey of becoming your best and most creative self - and you can get started today!
And here's a fantastic resource for self-education...

The World of Inspiration eLibrary

World of Inspiration
A treasure trove of personal development wisdom

Step inside. Just like a real library, there are thousands of quality eBooks presented on three "floors" and in different "rooms." To purchase your $15 Lifetime Membership to the World of Inspiration eLibrary, click the following button:

Payment is made through our secure transaction agent, PayPal.
The transaction is in the language and currency of your choice.
"I want to just say 'WOW!' This collection is probably the best money I ever spent! I've already received many times over in personal enrichment after just 9 days. I've had a past metaphysical background, but even newcomers to this material will really benefit. Thanks again." ~ J.S. (Pennsylvania, USA)
"The collection is everything which you promised. And more! A superb contribution to the good of the world. Many thanks indeed." ~ R.P. (Georgia, USA)
"Just a short note of thanks for the library. I've only had membership for several days now but I already feel this is perhaps the most interesting compilation I have yet seen. Worth far more than the price of admission. The browser linked structure works well and makes it easy to manage such a large storehouse of information. It is rarely that I find something I like as much as this or that I feel strongly enough to write a note like this." ~ P.W. (Minnesota, USA)
Copyright © 1997-2016 Trans4mind Ltd