|
Now-a-days, no student has to suffer due to crisis of money. Because all the loan lender companies are always ready to provide student loan in order to make every student's career graph rise higher.
Pursuing the choice of education in their targeted college, student loans can be beneficial in order to give financial support to any student. But in order to get different Student Loans or College Loans consolidated, one has to fulfill certain criteria, which obviously vary from one loan to another. Let's discuss detail about this issue:
Student Loans Consolidation:
The graph of Student Loans Consolidation, guaranteed by Federal loan has fallen up to lowest level from 1st July, 2004. It implies that after this revolution, the rate of student loan consolidation has become as low as 3.125%.
Info On Student Loans Consolidation:
Qualifying characteristics for Student Laons:
- If you're not enrolled for half time in your institution
- If you're within loan grace period or repayment phase. It is usually six months after leaving school.
- There is no record for any other consolidated loans.
Interest Rate:
- As discussed earlier, its interest rate is as low as 3.125% or now up to 3.5%, which is no doubt an advantage to any borrower.
- Reducing interest rate up to 1%, after making consecutive on-time payment for 36months
Repayment facility:
- It has the benefit of repaying your loan amount after completing graduation, by consolidating all the student loans together under one lender or with single repayment facility.
- It has the facility to repay the loan by both the student and the parents.
Money Management Facility:
By combining all the student loans under one umbrella, you can even manage your money in a better way or invest it for your future plan.
Other Benefits:
- There are no fees for repayment penalties
- Co-signers or credit checks are not required for Student Loans.
- Hassle of monthly payment can be lowered by up to 60%
Private Student Loans consolidation:
This loan also carries one of the lowest rates in the market.
Eligibility:
For availing this loan,the borrower has to meet the following eligibility criteria:
- under repayment phase of your student loans
- no default record on your student loans
- having good record of credit history
Interest rate:The interest rate is running currently as low as 7.02% (APR).
It has the benefit of repaying your loan amount after completing graduation, by consolidating all the student loans together under one lender or with single repayment facility.
Benefits Of Student Laons:
- It has the facility to combine Federal loan and Student loan together, under reduced monthly payment
- It has the facility to unite all the private loans together
- It facilitates borrowers to re-finance any previously consolidated Federal loan
- It also reduces rates with good credit
- There is no prepayment penalty required.
Money management:
By combining all the student loans together, one can get the benefit of lower monthly payment, which can help you managing or investing money for the future.
Federal College Loans Consolidation
Federal college loans consolidation is nothing but the combination of all the existing Federal Student loans under a single roof.
Loans under this consolidation:
Under the Federal Loan consolidation, various loans are included, such as:
- Perkins Loans
- HEAL Loans
- Direct Loans
- All Federal FFELP Loans
It also includes various consolidated loans like:
- Federal Stafford loans consolidation
- Direct loan consolidation
- PLUS loan consolidation
But consolidating Federal loan in to private loan will loose the benefit of Federal Loan.
Interest rate:
- During grace period, interest rate can be reduced up to 0.6%, while consolidating
- In the benefit package, 0.25% may be found to be as reduced interest rate as an additional value
Other benefits:
- It has the facility to reduce up to 53%, while paying monthly
- It has flexible repayment facility
- It enhances the credit rating
- There are no application fees or credit checks required
- It avails only one-payment-offer monthly.
|
