You will be able to plan for successful repayment of your education loans by understanding your debt, realizing your limitations, and being prepared for your financial prospects.
Federal Loan Consolidation You have heard all about the benefits of consolidation: lower monthly payments, fixed interest rates, a longer loan term, and more! Furthermore, getting a federal loan consolidation does not require a credit check, income verification, or fees. It simply sounds too good to be true. Millions of students rely on federal student loans to finance their education, and many of those take advantage federal loan consolidation to better manage their loans. Those who consolidate can assure you that there is no catch.
When you hear about the benefits of federal consolidation, you may think that it is too good of a deal to be valid. Lower monthly payments, fixed interest rates, and additional benefits are offered--all without a credit check, income verification, or fees!* It seems too good to be true, but this is one time when you can believe the hype.
The federal student loan consolidation program is intended to help students better manage their loans. Because getting an education is not cheap and millions of students rely on federal student loans to finance their education, federal loan consolidation provides somewhat of a break for students graduating with debt. Students who consolidate enjoy a fixed interest rate, lower monthly payments, and a longer loan term. Additionally, many lenders offer graduated repayment plans to help the students keep more of their hard-earned money in their pockets during the early years of their careers.
Another great benefit of federal consolidation loans is that they remain guaranteed by the government. Therefore, they are very attractive for private lenders making these loans. Because of this, lenders often offer responsible borrowers further reductions in interest rates to attract their business. *These payment incentives, coupled with a fixed interest rate for the life of the loan, make federal consolidation loans exceedingly affordable compared to other types of consumer credit.* You can generally borrow tens of thousands of dollars while still maintaining a manageable monthly payment. Also, if you run into a period of financial difficulty, federal consolidation loans generally qualify for periods of deferment or forbearance until your financial situation improves.
Federal student loan consolidation does not have a downside. As long as you choose your lender carefully (because usually, you can consolidate only once), you may save thousands of dollars in interest, have lower monthly payments, and have the added flexibility and advantages that only come with federal loans. * Because the government may terminate this program in the future, this is one program you should take advantage of now. With federal loan consolidations, there really is no catch!
* Due to federal legislative changes to the FFEL Program, as of October 1, 2007, Law School Loans will no longer offer borrower benefits on federal consolidation loans. Any information contained herein regarding "borrower benefits" may no longer apply. For more information, contact us at 800-659-8344.
Article Title : Federal Loan Consolidation
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My loan advocate was so helpful and so understanding of my current situation. She helped me work out the best possible plan to lower my payments and lock in the lower interest rates. Thank you Law School Loans. - Heidi L. Houston, TX
Your Federal Benefits
If you are still in-school, you may reserve your consolidation for graduation with Law School Loans. By signing and returning your application now, you will be guaranteed the current low rates on your consolidation, and you will not have to think about your consolidation again until you enter repayment.
The federal student loan consolidation program is intended to help students better manage their loans. Because getting higher education is expensive and millions of students rely on student loans to finance their education, federal loan consolidation provides a break for graduates with debt.
A few minutes on the phone or online could save you $600 a month or more on your student loan payments.
or Call (800) 659-8344
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