What, if any, impact does this have on recent graduates with existing student loans in terms of consolidation? I have not yet consolidated and am wondering if there's an advantage/disadvantage to doing so now vs in the future.
2007-11-06 03:57:53 · 4 answers · asked by Anonykris 2 in Education & Reference ➔ Financial Aid
The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards -- the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again.
The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years... which could cut your monthly payment in half.
If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/
To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans
2007-11-06 09:08:15 · answer #1 · answered by Anonymous · 1⤊ 3⤋
Hard to say not knowing everything about your loans, like amounts, interest rates etc. I would check with a few reputable lenders. Not the small fly by night companies calling you to consolidate. FYI........Stafford rates will start to decline again and will be back in the 3% range in a few years as a result of this act.
2007-11-09 16:49:54 · answer #2 · answered by John 3 · 0⤊ 0⤋
I noticed you asked about student loan information and I found some websites on that can help with that exact question. Just have a look for yourself… http://www.shortenurl.com/5oodk
Goodluck!
2007-11-07 20:45:39 · answer #3 · answered by Mr. Fitness 2 · 0⤊ 1⤋
if you paid is the best!. We need read this article with interesting information about your answer, & THE BEST consolidation for student loans with low interests options here. http://all-student-loan-consolidation.blogspot.com/2007/09/consolidation-for-student-loans.html
2007-11-06 07:22:40 · answer #4 · answered by Anonymous · 0⤊ 2⤋