StudentLoanMonkeyOnMyBack asked:


I have called at least a dozen places whose ads claim that they do private student loan consolidation. But when I called, every single one of them said they had either temporarily suspended or canceled their private student loan consolidation program due to the subprime mortgage crisis. Nearly all of them offered to consolidate my federal loans but I’ve already done that. A few of them actually named other places they thought were still doing it but when I called them, those places had also suspended their programs. So, if anyone out there has had recent success with consolidating their private student loans, please let me know. Thanks.

eHow asked:

Federal student loans are loans that the government provides for students in order to help them through their schooling. Find out how to apply for federal student loans for undergraduate, graduate or doctorate schooling with help from a financial aid officer in this free video on student loans. Expert: Brooke Kramer Contact: www.argosy.edu Bio: Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. Filmmaker: Michael Burton

TNP Girl asked:


I am due to start paying lmy federal student loans back in September. How do I even begin the consolidation process, or possibly deferrment of my loan payments for another six months. Any help would be great.

Student loans often become an important part of a college student’s life in order to get them the continuing education they need. The question always becomes what type of student loan should the person get? You have several options from federal loans, state loans, and private loans. The best loan that you can obtain for the interest rate and repayment is going to be the Stafford loans. These loans are available for undergraduate and graduate students. You will find there are two options for the undergraduate as well.

The subsidized or unsubsidized Stafford loans are available to undergraduate students. The subsidized loan is awarded on financial need. You will never be charged interest until you begin repayment or take a leave of absence of more than six months from school and defer the loan. The unsubsidized loans are not based on need. In other words any student can take out this loan, but you will be charged interest from the loan disbursement date until it has been paid off. You will find that there are also specific amounts for the Stafford loans. You can borrow a maximum of 23,000 or 46,000 depending on how you are borrowing. If you are a dependent of your parents you will only be able to borrow the 23,000. As an independent student borrowing money you are able to double that amount to the 46,000. You will also find that you can only borrow a certain amount per year of the 23,000. It will increase exponentially as you reach the higher levels in college because the classes or tuition tends to cost a little more. Independent students are also considered to need more money as they are not borrowing any from the family, hence the reason the amount you can borrow is a little more.

Again with the graduate loans you will find the subsidized and unsubsidized Stafford loans. You will also find that you are only able to have a maximum debt of 138,500. The subsidized loans will only allow 65,500 of the total amount. This means that once you have reached the 65,500 mark you will have to go for an unsubsidized Stafford loan.

For Stafford loans it can be a little difficult to get money beyond what will pay for the tuition and books, especially if you live in off campus housing. The FAFSA report is going to tell the college what your expenses are and what you need. Keep in mind that you don’t always qualify for the entire amount that can be given to you. In some cases they may only give you a partial amount based on what they see your needs as. Stafford loans typically don’t like to pay for off campus housing and therefore treat that expense as something you have to pay.

If you have any questions regarding the Federal loans you should speak with your financial aid officers at the college. They can help you find the answers you need or put you in touch with the company dealing with your loans.

By: Jim Power

About the Author:

missart asked:


I need to consolidate my private student loans quickly. And possibly my federal loans as well. Need help finding an appropriate company.

maybell asked:


What Loan company will take over my federal student loans when the loans are in forbearance so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under $5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.

edfed1 asked:

www.edfed.com lowest unsubsidized federal stafford loans – call 800-821-5659. Lower you are monthly payments with unsubsidized federal stafford loans consolidation.

Mr Steele asked:


Federal student loans are either directly financed by the government or financed by private banks. Those private banks, however, get paid by the government if the student defaults on the loan.

So banks are basically making profits with very little risk.

Obama has said he wants to cut the middle man out and save the government/tax payer millions in dollars in the process. He also said the banking lobbyiest are preparing for war but that he is not going to back down.

Whose side are you on?

NB asked:


I have horrible credit. I have a private student loan that someone co-signed for me. Her husband saw it on her credit report and wants it off now. So I need to find another lender that will deal with bad credit and get another loan to replace this one and it has to be done quickly. I’ve already tried to consolidate all my private loans but it’s a no go without a co-signer. So it’s just this one loan that I need to get changed. Is there a company that deals with bad credit and private student loan consolidation?
I have already used all my federal loans. Because of my husbands income I don’t qualify for alot. So I have to use private loans also.

When the need for a student loan arises due to the peak of financial challenges in your college years, you can usually can find the funding you need. In many cases a student will have to apply for more than one student loan before reaching graduation. Even if you happen to acquire several student loans, there is no need to panic as graduation nears. Remember that you still have the option to consolidate those loans.

There are basically two major types of student loans. First is the federal student loan which is guaranteed by the US Government through the US Department of Education. They have implemented a Federal Student Aid program as a part of their campaign to provide equal education opportunity for all aspiring college students in the country. Federal student loans are not considered direct loans to the student from the US Government. However the loans are provided by the US Department of Education and a loan servicing institution, When you need to consolidate federal student loans you have the opportunity apply for single loan to accomplish the needed consolidation. One example of federal loans used to make a loan consolidation is a Stafford loan.

As an alternative you can use private sources consolidate your student loans. Private student loans, on the other hand, are administered by privately owned lending institution. Some of the most well known private lending partners are also the leading financial institutions such as Citibank, Chase and Sallie Mae. In general private student loan rates are higher than public sector loans. However there may be more benefits in terms of payment schedules, payment deferments and longer loan repayment schedules.

For those who have incurred a number of federal student loans, the problems of managing the loans can be a problem for some people. As a result many wise student borrowers may opt to consolidate federal student loans in order to better manage their finances and save money.

Once a student has decided to consolidate their federal student loans, there are conditions that must be before they can qualify. First is that they should have more than one federal student loan. Next is that students should be in good standing with each of their existing loan accounts. This means they are either in their six-month grace period or they have already made three monthly repayments for each of the existing loans.

Under the wing of a federal student loan, there are also distinct differences between a subsidized and unsubsidized federal student loan. Although they can still be merged into one loan account, iIt is important to know the type of loans you have before you apply to consolidate your federal student loans.

It is obviously very important for the student to do their research prior to applying to consolidate their student loans. Only then will the student be able to make an informed decision. In many cases a student loan consolidation will save you money and reduce the stress of student loan repayment. Federal student loan consolidation is a wise investment in the future.



By: Jim Kesel

About the Author: