Student Loan Consolidation – How does it Work?

Written by Vanessa McHooley


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- You are in your six-month grace period following graduation or you have started repaying your loans -You have eligible loans totaling over $7,500 -You have more than one lender -You have not already consolidated your student loans, or since consolidation you have gone back to school and acquired new student loans

The following types of loans can be consolidated:

-Direct Subsidized and Unsubsidized Loans -Federal Subsidized and Unsubsidized Federal Stafford Loans -Direct PLUS Loans and Federal PLUS Loans -Direct Consolidation Loans and Federal Consolidation Loans -Guaranteed Student Loans -Federal Insured Student Loans -Federal Supplemental Loans for Students -Auxiliary Loans to Assist Students -Federal Perkins Loans -National Direct Student Loans -National Defense Student Loans -Health Education Assistance Loans -Health Professions Student Loans -Loans for Disadvantaged Students -Nursing Student Loans

Where can I get a consolidation loan? You can consolidate your loans through any bank or credit union that participates inrepparttar Federal Family Education Loan Program, or directly fromrepparttar 112020 U.S. Department of Education. The loan terms and conditions are generallyrepparttar 112021 same, regardless of where you consolidate. You may want to check first withrepparttar 112022 lenders that hold your current loans.

If all your loans are with one lender, you must consolidate with that lender.

If you decide to consolidate your student loans, remember that you can only do so once unless you go back to school and take out more loans. Therefore, you will want to make sure you getrepparttar 112023 best dealrepparttar 112024 first time. The interest rate will berepparttar 112025 same from all lenders, but some lenders may offer future rate discounts for prompt payment and a discount for having monthly payments directly debited from your account.

Can my spouse and I consolidate our loans together? You can consolidate your loans together, but it is not a good idea for a couple reasons:

-Both of you will always be responsible to repayrepparttar 112026 loan, even if you later separate or divorce -If you need to defer payment onrepparttar 112027 loan, both of you will have to meetrepparttar 112028 deferment criteria

When should I consolidate my loans? You can consolidate your loans any time during your six-month grace period or after you have started repaying your loans. If you consolidate during your grace period, you may be able to get a lower interest rate. However, since you will loserepparttar 112029 rest ofrepparttar 112030 grace period, it is a good idea to wait untilrepparttar 112031 fifth month ofrepparttar 112032 grace period before consolidating. The consolidation process usually takes 30-45 days.

This article is distributed by NextStudent. At NextStudent, we believe that getting an education isrepparttar 112033 best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about how to get Student Loan Consolidation at http://www.NextStudent.com .

My goal is to help every student succeed - education is one of the most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD.


What the Mail on Sunday Said

Written by Nicola Bullimore


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If an Insolvency Practitioner suspects fraudulent or criminal behaviour, they will apply for a Bankruptcy Restriction Order (BRO) forrepparttar court to assess and decide what action to take.

The writer also states that “New” Government proposals due out inrepparttar 112019 next few days will make it easier for creditors to set up plans for repayments, an “Individual Voluntary Arrangement”. Individual Voluntary Arrangements (IVA’s) have infact been around sincerepparttar 112020 1986 Insolvency Act and used by employees and self employed people.

This only further questionsrepparttar 112021 credibility ofrepparttar 112022 writer and The Mail on Sunday for publishing such an article.

Whatrepparttar 112023 writer also doesn’t realise is, people who have failed IVA’s or not able to get an IVA add torepparttar 112024 percentage of people petitioning for bankruptcy.

The worry that this article will have placed on people is not only unnecessary, but also misleading. The reduction inrepparttar 112025 terms of discharge from bankruptcy is supposed to be a positive change in The Enterprise Act 2002, not a negative one as implied in this article.

If you have sought advice, and you know you have no other option than to takerepparttar 112026 bankruptcy route then you should not be put off. “Nothing has changed”, as Simon Wiggins informed one of his posters who readrepparttar 112027 article and was concerned by it.

If you would like further advice regarding your financial situation FCL Debt Clinic offer free debt advice which will enable you to see what your options are regarding resolving your debt problems.



Nicola Bullimore has been working with people regarding debt problems for some time. For more information regarding debt issues, please visit Debt Questions


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