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Loans Information |
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Federal Debt Consolidation Loans For Students
For American students, the U.S. Government came up with a plan that can help a student manage their student loan debt. The plan they came up with is called a Federal Direct Consolidation Loan. It does not matter if you are a recent graduate student, well into your career already, still at school, or in your grace period for repayment of a student loan. For any of those student categories, a Federal debt consolidation loan may be applied for. Students successful in their application for a federal debt consolidation loan may reduce the amount they need to repay each month, or increase the time that they have to pay off their current debt. How Does a Federal Debt Consolidation Loan Help a Student Pay Off Their Debt? For a student who has student loans under several different programs, bringing them all together under one direct Federal Debt Consolidation Loan can make your debts easier to manage. By combining all of your loans into one, you're only responsible for making one payment to one lender - the U.S. Government. To help make the option of debt consolidation more attractive, there are four flexible payment plans available, including two that which take income and/or income expectations into account. The Federal Debt Consolidation Loan is Available to Help you Manage your Student Debt. Student loan debt is not something that you want dragging at your feet like a ball and chain. It provides a good opportunity for students to learn to manage their finances. Even if you are still at school, it is a good time to learn to manage your debt. That will hold you in good stead as a consumer long into the future. For example, if you choose to consolidate all your student debts into one before you leave school, you can lock in an interest rate that as much as .6% lower than if you attempt to refinance later, after you have left and are no longer a student. For more how a Federal Direct Consolidation Loan can help lower your repayments, and manage your student debt, you can visit the Department of Education's web site. Once there, you can make use of their online debt calculator at https://loanconsolidation.ed.gov to estimate your projected monthly payment under the various plans. Can a Federal Direct Consolidation Loan help you manage your debt? There could be reasons why debt consolidation is not the best solution for any particular student. If a student is close to the end of their repayment term, for example, it may not be worth the work to consolidate. Prolonging the life of your loan is likely to increase the amount you pay overall. If you can afford the higher monthly payments to pay off the debt sooner, you can ultimately save money by doing so. If, however, you are sure that a Federal Direct Consolidation Loan will be to your benefit, you still need to be eligible for the program. The eligibility guidelines can be found at loanconsolidation.ed.gove/borrower/beligible.html In addition, the list of loans that are eligible for consolidation can be viewed at: loanconsolidation.ed.gov.borrower/bloans.html Which Federal Student Loan Consolidation Plan is the most suitable for you? Here are the 4 consolidation loan consolidation plans that are available to choose from: Standard: The standard repayment plan is fixed-rate, and runs for a maximum of 10 years. The minimum monthly payment is $50. Extended Repayment Plan: this is a fixed rate plan, with payments extending over the course of 12-30 years. Payments are a minimum of $50, and the life of the loan is dependent on the total amount of the debt. Graduated Repayment Plan: Under the graduated plan, payments start low and increase, generally every two years. The length of the repayment period can vary from 12 right up to 30 years. Income Contingent Repayment Plan: The monthly payment is based on a borrower's annual adjusted gross income, family size and the total amount of direct loans. If your student loan debt is out of control, or could be better managed, it is worth paying a visit to: https://loanconsolidation.ed.gov to see how the federal government can help you with a debt consolidation loan for students. This student loan consolidation article was written by Roy Thomsitt, owner of the Eliminate Credit Card Debt Now website.
MORE RESOURCES:
Interest rate on federal college loans is about to hit a record low Minneapolis Star Tribune Should you pay off student loans during COVID-19? Fox Business Few takers expected for the Fed's new $600 billion business loan program Minneapolis Star Tribune Victoria religious organizations apply for SBA loans | Covid-19 Victoria Advocate Powell says the Fed is 'days away' from making the first loans in the Main Street lending facility CNBC 11 receive Emergency Business Loans — Mount Vernon News Mount Vernon News House Passes Bill Loosening Rules on PPP Small-Business Loans The Wall Street Journal Mitchell County hospital to hold public hearing on possible $2.48M loan Mason City Globe Gazette Atlanta 'creative city' secures $1.75M in loans, sets site-work date Atlanta Business Chronicle Less populous states get disproportionate share of PPP loans Greater Baton Rouge Business Report U.S. House passes PPP loan adjustments spearheaded by Chip Roy The Texas Tribune $25,000 forgivable loans, free mentorship available to help Dallas small businesses recover FOX 4 Dallas PPP loan forgiveness, BofA's cost cutting, Amex's cloud commitment: Top stories of the week American Banker Energy loan programs tweaked in response to COVID-19 Barre Montpelier Times Argus LEDA Zero Interest Emergency Loan In Final Stage Of Approval For New Mexico Vibrant Corporation Los Alamos Daily Post P3 portal launched to help with PPP loan forgiveness Accounting Today Student loans and coronavirus: Top 5 questions Fox Business Borrowers skipping loan and credit-card payments without penalty could soon face a rude awakening MarketWatch Payday lenders that charge 400 percent interest want access to small-business loans The Washington Post SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants The Washington Post Mark Cuban and a bank CEO who first connected over Twitter built a free site to make it easier to apply for PPP loan forgiveness Business Insider Application period now open for Reenergize Watauga Fund loan Watauga Democrat I paid off $40,000 of student loans in 2 years thanks to 3 smart habits - Business Insider Business Insider Few Minority-Owned Businesses Got Relief Loans They Asked For The New York Times The Coronavirus Threatens China's Belt and Road Loans The New York Times Middletown Launches Small Business Loan Program NBC Connecticut Idaho agency grants loan to Genesee for wastewater project Lewiston Morning Tribune 8 of the best private student loans in 2020 Fox Business Lockdown Effect: Banks Lend More To Essential Sectors, Unsecured Loans Fall Out Of Favour BloombergQuint Owners of Gurnee Mills, Yortown Center malls miss loan payments Crain's Chicago Business New loans may become harder to get as lenders turn cautious in lockdowns Business Standard Party goes to court over 'Oak' loans acquittal Bangkok Post Want to escape paying back that PPP loan? The rules change fast. But here’s how to do it. The Philadelphia Inquirer Will raise loan, won’t let farmers suffer: CM Capt Amarinder Singh The Tribune India Stimulus Aid Leaves Out Millions of Student-Loan Borrowers The Wall Street Journal Loan Market Remains Active Los Angeles Business Journal 24 Hour Fitness Seeks Bankruptcy Loan as Gym Shutdowns Drag On The Wall Street Journal More than 12,000 Catholic churches in the U.S. applied for PPP loans – and 9,000 got them - CBS News Extend loans to key sectors liberally: Tamil Nadu CM Edappadi Palaniswami The New Indian Express |
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