http://www.mypoorcreditstudentloans.com Do you really need a loan? Tue, 17 Nov 2009 20:32:17 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 http://www.mypoorcreditstudentloans.com/federal-plus-loan-consolidation http://www.mypoorcreditstudentloans.com/federal-plus-loan-consolidation#comments Wed, 28 Oct 2009 21:56:13 +0000 poor student http://www.mypoorcreditstudentloans.com/?p=254 There are two types of PLUS loans.  The first is for parents, who can apply for a PLUS loan if they have a child who is still a dependent and enrolled at least half time in an eligible undergraduate program.  The second type of PLUS loan is available to graduate students and those seeking a medical or law degree.  These students can borrow enough to cover their education expenses as long as they are enrolled at least part time in school.
If you borrowed a PLUS loan and are now having trouble meeting the minimum monthly payments on your loan, you might want to look into a federal PLUS loan consolidation.  A federal PLUS loan consolidation is a practical debt management tool that will combine all of the federal student loans you have taken out under one loan.  This makes keeping track of your loan much easier, as you will now only make one payment per month, often automatically deducted from your bank account on the due date.
The other reason many borrowers consider a federal PLUS loan consolidation is to lower their payments to a much more feasible amount.  Paying just the minimum on several student loans can quickly become a huge financial burden, especially if you’ve got undergraduate loans, or more than one child in school at a time.  Federal PLUS loan consolidation allows you to decrease the amount you pay each month – sometimes by up to half – because it stretches out the term of the loan.  Interest rates are typically fair on federal PLUS loan consolidation, but you will pay more interest over the term of the loan because of the length.  To avoid this, make sure you do not choose a lending company that will penalize you or charge you fees for paying the loan off early, and then try to pay more than the minimum amount due each month if you can.  If you do the math, you’ll find that even a small amount of money over the minimum amount due can save you a lot of money in interest fees over the long term.
There are several lending companies that will assist you in federal PLUS loan consolidation.  Be sure to research each one carefully before making any decisions, and take some time to shop around for the lowest interest rate.

]]> http://www.mypoorcreditstudentloans.com/federal-plus-loan-consolidation/feed 0