Consolidate the Debt or Loan of Student for a Simpler Financial Life

Consolidate the debt or loan of student is the dream of many a graduate.  Before you delve deeper into this though, you have to understand the reasons why one should go through this process.  You will want to know why bother with this when you are able to meet the monthly payments from the original school loan anyway.

Consider this.  The monthly payments you are making now are for debts you have accumulated in your personal loans and credit cards.  Some of this, especially the credit cards incur a high interest rate.  To top it all, the interest on these debts are not tax deductible.

Then think of this.  Every month you have to write a number of checks to pay for these loans.  If you put together all these loans in one, you could be simplifying your finances.  Not only will the monthly payment be lower but also you could negotiate for a lower interest rate.  In addition, some money will be freed to pay for those debts that incur high interest. 

You probably have noticed that there are two types to consolidate the debt loan of student.  One is the consolidation of the federal student loan while the other is the private student loan consolidation.  Let us take them one at a time and deal with the first one.

The federal student loan consolidation comes in different shapes and forms.  There is the Stafford loan consolidation that has a fixed rate and can consolidate all the current Stafford loans.  The savings here could be as much as over 50%.  You can’t beat that.

Then there is the Plus Loan Consolidation that allows parents to lump together all the Plus Loans they took to send their child to college.  This can be done even if the student is still in college as long as the money has been fully paid out by the university.

Here is good news for those who have finished their graduate program.  The Graduate Stafford Loan Consolidation will allow to combine the undergraduate Stafford Consolidated Loans with the new graduate one making it simpler.  

Let us study further the advantages of consolidating the federal student loan:

• One could apply for a lower rate that could be locked in for the term of the loan.
• The monthly payment can be reduced by as much as 50%.
• Doing this can improve the credit rating.
• If the application is made during the grace period, the interest rate can be further reduced by .6%.
• There will be no credit checks or any fees.
• There will be only one monthly payment.

This article is getting too long so we will have to deal with the other one on private student loan consolidation in another article. Meanwhile mull this over to see if this fits your situation. Make sure you deal with a reputable company. This way you will be able to consolidate the debt or loan of student.

By Roger Guzman, M.D. and Evelyn Guzman

Tweet



Learn the Secrets to Free Yourself from Your Students Loans and Start Living the Life of Your Dreams from Your Student Loan Coach where you will learn how to lower your monthly repayment amount and have the government pay off your loans for you.

Please don’t pay another cent until you read this eBook that is available for “Instant Download” with Risk Free 60 Day Money Back Guarantee. In the future they will be forced to take this website down because of pressure not to expose these programs. If you want help, act now because they may not be there tomorrow.

Refresh Article 78 Consolidate the Debt or Loan of Student for a Simpler Financial Life

Return from Article 76 Debt Consolidation Mortgage Loan, A Matter of the Right Choice to Debt Challenges Home Page for the Disclaimer.

Don't Miss Reading These Related Posts.

Article 81 Consolidation Debt Loan Mortgage, An Exercise of Critical Thinking

Article 76 Debt Consolidation Mortgage Loan, A Matter of the Right Choice

Article 74 Consolidate Student Loans, But Do Some Research First

Article 72 Mortgage Debt, From the IRS Perspective

Site Map of Debt Challenges for Easy Navigation

Please sign up for our free ezine entitled “Save and Earn Money” Newsletter. We will publish this once a month where you will read about some encouraging news, positive experiences from others who want to share them with you. And you can unsubscribe anytime. Just sign up in the form below.

If you want to make any comments or other feedback, please fill in the contact form below so I can send you my email address.  This is to avoid spam. 

This Form cannot be submitted until the missing fields (labelled below in red) have been filled in
Contact Us
Please note that all fields followed by an asterisk must be filled in.
First Name*
E-Mail Address*
Please enter the word that you see below.

Copyright 2014 Roger Guzman, M.D. and Evelyn Guzman All rights reserved.