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Getting Ahead: Reserving Consolidation While in School

Whether you've taken out federal student loans or private student loans to fund your education, it's imperative that you not ignore your debt while you're still attending school. Consolidating your student loan debt is the smartest way to take control of your finances and prepare for your future. Finding a lender you can trust while you're still in school is a smart way to get ahead. Think of it this way: once you graduate, you'll be bogged down with finding a job and making big life decisions. It will be reassuring to know that you've already chosen a consolidation lender to reserve your borrower benefits and help you take control of your financial future.

Federal Student Loan Consolidation combines all your federal loans into a single new loan. This significantly helps newly graduated students with the management of their debt as they enter the workforce. If you are like many other students, you have loans that carry different interest rates and are from different lenders. This creates complications during repayment, and your credit reflects it. If you do not consolidate, your payments will vary from loan to loan and from lender to lender. Keeping track of separate due dates, interest rates, and various monthly payments, not to mention whom to pay, can be time-consuming. You have other things to concentrate on; you can't worry about missing payments and negatively affecting your credit report. Consolidation will allow you to make one monthly payment to one lender.

Consolidation is not only beneficial for those who have taken out federal loans. Many students also find it necessary to supplement their funding with private-lender student loans. Consolidating such loans allows you to refinance your private educational debt under a single loan with a lower interest rate. The features of a private loan consolidation include a low interest rate, lower fees, no prepayment penalties, and the convenience of having one bill and making one monthly payment for all private educational loans. If you've borrowed both federal and private loans, then choose a consolidation lender that allows you to consolidate both types of loans. That way, you'll be able to consolidate each group of loans (federal or private) into a single, separate loan but only pay a single lender each month.

It's hard to argue against consolidation. Consolidation basically hands you money. Many students have to scrimp and save to get by on their loan allowances or student stipends. One of the strongest selling points for consolidating your federal student loan debt should make complete sense: consolidation can reduce your monthly payment amount by nearly 50%. Reducing your monthly payments can assist you with making a more affordable transition into your first job and post-graduation lifestyle.

With consolidated loans, a borrower has the option of signing up for deferment and forbearance options if the need arises. These are options that are carried by federal loans. Because consolidation is a free federal program, it is easy to postpone payments if a borrower finds himself or herself unable to pay. Plus, during any eligible deferment period, interest does not accrue on the subsidized portion of the consolidated loan. Subsidized loans retain their subsidies when included in a federal consolidation. Thus, the government remains responsible for the interest on this portion of the loan during certain eligible periods—another benefit not widely known about. Forbearance is a flexible option for those looking to quickly pay off other debt first, such as high-interest credit card debt. If, for any reason, you are not able to make payments on your federal consolidation, you have options that can temporarily postpone payments. Many fear that debt equals bad credit. If you're a responsible borrower who makes payments on time, then consolidating many loans into one loan and maintaining said loan will actually improve your credit.

Look into your financial future, and find out more about reserving consolidation while in school.


Article Title : Getting Ahead: Reserving Consolidation While in School
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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

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Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

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