Still in college? Med school? Law school? Dental School? Over your head in student debt? If you answered, "Yes," to any one of those questions, Students Loan Consolidation could be for you.
To get better interest rates and make home equity loans, homeowners refinance their homes. As a student, you can do the same with your student debts!
Most students have two kinds of student loans - private and federal. Because the federal loans are underwritten by the government, they get a lower rate. So it's in your best interest to consolidate each group separately.
If your total student debt is at least $7,500 and you're in the grace or repayment periods, you may be eligible for Federal loan consolidation. Consolidating your loans, will retain a core deferment as usual. As of July 1, 2006, Federal law prohibits joint students loan consolidation with your spouse.
Are you still in the grace period of re-payment? Consolidate at least two months before the end of this period to get the lowest rate. If you have already started repaying your loan, you need to consolidate as soon as possible in order to lower your payments. In the mean time, you will still need to continue making your payments.
Newsflash: Prepayment causes no penalty on your loan! So, there is no need to worry about extra charges. Also, you can extend the duration of your loan to 30 years by consolidating your student loans. Actual savings may vary because extension adds to the total amount of interest paid over the term of your loans. Be sure to contact your loan provider before getting a students loan consolidation.
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