student loan consolidation info
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Students puzzled as loan rates rise
Regardless of where you borrow money for college, lenders say there are points every customer should understand. Here are five:
1. CHECK THE INCENTIVES.
Loans with identical rates can cost much different amounts, depending on incentives such as rate reductions for not missing payments.
2. BEWARE OF NO-FEE OFFERS.
All student-loan consolidations are available without fees.
3. "LOWER" CAN BE COSTLIER.
A lower rate does not always mean a cheaper loan if consolidation means you will pay those smaller monthly payments for a much longer period.
4. DO SOME RESEARCH.
Many sites offer financial aid information. Here are some of the more popular: www.fafsa.ed.gov; www.finaid.org; www.cfnc.org; www.salliemae.com
5. SHOP AROUND.
You should find plenty of lenders who do not require a credit check, do not have prepayment penalties and will answer any questions.
More student loan consolidation info info
Counting Down the Hours Until Student Loan Deadline
PASADENA, Calif., June 27 /PRNewswire/ -- As many student loan borrowers already know, interest rates for all federal student loans will be increasing by around 2 percent on July 1.
For most student and graduates with education loans, this increase will cost tens of thousands of dollars in added fees and interest.
However, many savvy borrowers have taken advantage of a free government program to save this money and eliminate a few financial worries, as well: student loan consolidation.
Student loans can be consolidated until 11:59 p.m. on Friday, June 30. Consolidation allows borrowers to lock in a low interest rate for the life of their loans and make just one, low monthly payment for the duration of the repayment period.
As the federal deadline approaches, student loan consolidation companies are being swamped with requests for information on this program.