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A Few Student Loan Consolidation Rules

poor student — Thu, 12 Nov 2009 22:38:51 +0000

If you’re looking into student loan consolidation, you’re certainly not alone. These days, the majority of college graduates with loans end up consolidating them into one loan. The main reasons for this are simple: the convenience of making one payment to one lender, instead of many payments to various lending sources, and a monthly payment that is sometimes less than half of what was required before consolidation. There are, of course, other reasons, but regardless of why you’ve decided to look into consolidating your student loans, there are a few student loan consolidation rules you should be aware of before you get started on the application process.
The first rule, and most important of all the student loan consolidation rules, is that not every loan is eligible for consolidation. There are certain criteria that must be met.
Two general student loan consolidation rules are that you must currently be making payments on the loans you want to consolidate, or they must be in the grace period. You cannot consolidate loans that are past due, or that you have defaulted on. Also, you can no longer be a student, or if you are attending school it must be on a less than part-time basis.
While these two student loan consolidation rules may be easy to meet and determine, the third might not be so simple. The third rule is that not all loans are eligible for consolidation. For example, federal consolidation will cover only those student loans that are federally backed. These types of loans include the Federal Stafford Loan (subsidized and unsubsidized), Federal Perkins Loan, the Federal Supplemental Loan for Students – also called SLS – and the Federal Parent Loans for Undergraduate Students – also referred to as PLUS.
Also, many lending companies have their own set of student loan consolidation rules. For example, many loan agencies require a minimum balance, often $5000 but sometimes more, and some private lending companies have strict loan terms. Also, interest rates may vary, and while half a percent difference might not seem like much to you now, over the term of your loan (often 30 years) it could end up costing you thousands of dollars. When dealing with student loan consolidation rules, it is best to understand the types of loans you have, and thoroughly research any lending company and the terms they are offering.

Are You Eligible For an AES Student Loan Consolidation?

poor student — Tue, 20 Oct 2009 17:28:51 +0000

If you are struggling to make payments on numerous college loans, then you might want to think about using an AES student loan consolidation to help you effectively manage your debt. This will allow you to lock in a fixed interest rate that is lower than what you have now, and it will also lower your monthly payments significantly. Plus, you’ll have just one bill to pay each month, and there is no credit check or cosigner needed. These days, the majority of student loan borrowers choose to consolidate their loans. If you’re wondering if you’re eligible for an AES student loan consolidation, chances are good that you’ll qualify. If you are a recent graduate who is still in the six month grace period, you are eligible to apply for an AES student loan consolidation, and you will be granted a lower interest rate on your loan consolidation. If you are nearing the end of your grace period and aren’t sure if you can meet the terms of the 10 year loans you have, then talk with an AES customer service representative about consolidation of your loans. If you are already paying back your loans, you are still eligible for an AES student loan consolidation. However, you will not be given the lower interest rate that those who apply during their grace period get. Your interest loan and monthly payments will more than likely be lower than what you are paying now, though. Parents with a PLUS loan are also available for an AES student loan consolidation. If there are PLUS loans for more than one child, they must be consolidated separately due to a federal law. The good news is that an AES student loan consolidation for parents with a PLUS loan will offer them the same benefits as student borrowers receive. If you have any loans that are in default – meaning payments are late or missed altogether – then those loans will not be eligible for an AES student loan consolidation. As long as you are in your grace period or making payments on your loans on time each month, there is a very good chance you will be eligible for an AES student loan consolidation. If this is an option you are considering, then speak with an AES loan representative for more information and to apply.

ACS Student Loan Consolidation

poor student — Tue, 20 Oct 2009 17:19:44 +0000

ACS is a lending company that specializes in student loans and student services. ACS was founded by two former students who didn’t like the lack of information they found about what it is like to have student loan debt. To solve this problem, they created their own company to assist students who are in the same position they were in years ago. ACS makes it easy for students to manage their student loan debt with the help of online tools and online bill pay and bill tracking.
If you are looking for a way to manage your debt and make your life easier at the same time, why not consider an ACS student loan consolidation? As you probably already know, consolidating your loans will lower your monthly payment significantly as well as make your life easier by giving you only one loan bill to pay each month. In addition, an ACS student loan consolidation offers many other benefits for their borrowers. The benefits that will be offered to you will depend largely on the type of loans you currently have, but they may include perks like grace periods, flexible repayment plans, graduated repayment plans, forbearances, deferments, and a decrease in interest rates for consecutive on time monthly payments and agreeing to an automatic withdrawal of the monthly minimum amount due. Also, an ACS student loan consolidation will not penalize you for paying the loan early, and while that may sound impossible to you right now, hopefully in a few years you will be in a better place financially and will be able to pay more than just the minimum due each month.
When it comes time for you to consolidate your college loans, you will have numerous lending companies to choose from. It is important that you take the time to research any company you are considering doing business with. Shop around for the lowest interest rates and the best loan terms, and remember that this is a company you will be working with for many years, so consider things like customer service and experience, as well. Many students in your same situation have found success by choosing an ACS student loan consolidation, so you may think about adding them to the companies that you consider for your own debt management needs.