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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:
U.S. News Expands Best Loan Companies Ratings With Student Lender Category U.S. News & World Report $2.6 million in loans issued to 16 businesses hit by COVID Evening Observer Business Capital to Facilitate PPP Loans Round 2 GlobeNewswire Traditional Lenders Extended Millions in Loans to the Crypto Space Through Genesis in Q4 Yahoo Finance PPP Problems: Businesses Say They Got Tiny Loans NBC New York Updated PPP loan forgiveness applications and rules unveiled Journal of Accountancy Biden expected to tackle student loan debt crisis, what the impact would be The Denver Channel IRS offers option when PPP loan forgiveness is denied Accounting Today Loans Still Taking 2 Months to Close as Refi Demand Stays Strong Mortgage News Daily Guidance issued for PPP first-draw loan increases, reapplications Journal of Accountancy Pausing Federal Student Loan Payments The White House Atlanta business owners face fraud, money laundering charges related to PPP loan scheme Atlanta Business Chronicle Business Report: COVID-19 vaccine developments, restoring SALT deduction, PPP loans and taxes | Video NJ Spotlight Taxpayers need clarity on coordination of ERC and PPP loans Journal of Accountancy Rep. Patti Minter introduces 'Student Loan Borrower Bill of Rights' legislation for the first time WBKO Santa Rosa approves $38 million in loans for affordable housing Santa Rosa Press Democrat Connecticut education Commissioner Miguel Cardona says he’ll prioritize student loan debt relief if he’s confirmed as U.S. education secretary Hartford Courant Banks Need a Pickup in Loans to Prosper The Wall Street Journal When Can I Apply for a P.P.P. Loan? The New York Times The Trump administration bailed out prominent anti-vaccine groups during a pandemic The Washington Post OPEC Fund Supports Post-COVID-19 African Infrastructure With $50m Loan to Africa Finance Corporation Business Wire Audit: 'hard to quantify' what state got out of $25 million loan program to venture capital firms West Virginia MetroNews Armed Robbery at Loan Store in Parsons KSNF/KODE - FourStatesHomepage.com Rieber lands $15M loan for Aventura mixed-use project The Real Deal Covid-19: Brazil Begins Vaccinations as It Battles Virus Variants The New York Times USMNT boss appreciative of how Sounders handled Jordan Morris’ loan Sounder At Heart Freedom Bank, NVTC to seed $50K revolving loan fund for minority entrepreneurs Virginia Business Magazine Napa's Loan Ranger, Chris Salese: The GOAT Napa Valley Register Fitch Rates GTT's Priming Loan 'B'/'RR1'; Downgrades First-lien Term Loans; Maintains RWN Fitch Ratings Fitch Downgrades ITT Holdings to 'BB+'; Outlook Stable Fitch Ratings AI Can Make Bank Loans More Fair Harvard Business Review Fitch Affirms the UK at 'AA-'; Outlook Negative Fitch Ratings Types Of Personal Loans Forbes Fitch Assigns SJM Holdings First-Time 'BB+' IDR with Negative Outlook, Rates Bonds 'BB+' Fitch Ratings Secretary DeVos Extends Student Loan Forbearance Period Through January 31, 2021, in Response to COVID-19 National Emergency U.S. Department of Education Expenses used for PPP loan forgiveness: Deductible or not? Journal of Accountancy What Biden’s Election Could Mean for Student Loans The New York Times PPP recipients can apply early for loan forgiveness, SBA says Journal of Accountancy What Is A Payday Loan? Forbes |
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